2. Paden Corporation's capital structure is as follows: Outstanding shares of: Common stock Nonconvertible, noncumulative preferred stock 10% convertible bonds 2024 December 31 336,000 10,000 $1,000,000 280,000 10,000 $1,000,000 The following additional information is available: a) On September 1, 2024, Paden sold 56,000 additional shares of common stock. b) Net income for the year ended December 31, 2024, was $860,000. c) During 2024, Paden declared and paid dividends of $5 per share on its preferred stock. 2023 d) The 10% bonds are convertible into 40 shares of common stock for each $1,000 bond. e) Unexercised options to purchase 30,000 shares of common stock at $22.50 per share were outstanding for all of 2024. f) Options to purchase 20,000 shares of common stock at $38 per share wereoutstanding for all of 2024. g) The average market price of Paden's common stock in 2024 was $36 per share. h) Paden's effective tax rate was 30%.

2. Paden Corporation's capital structure is as follows: Outstanding shares of: Common stock Nonconvertible, noncumulative preferred stock 10% convertible bonds 2024 December 31 336,000 10,000 $1,000,000 280,000 10,000 $1,000,000 The following additional information is available: a) On September 1, 2024, Paden sold 56,000 additional shares of common stock. b) Net income for the year ended December 31, 2024, was $860,000. c) During 2024, Paden declared and paid dividends of $5 per share on its preferred stock. 2023 d) The 10% bonds are convertible into 40 shares of common stock for each $1,000 bond. e) Unexercised options to purchase 30,000 shares of common stock at $22.50 per share were outstanding for all of 2024. f) Options to purchase 20,000 shares of common stock at $38 per share wereoutstanding for all of 2024. g) The average market price of Paden's common stock in 2024 was $36 per share. h) Paden's effective tax rate was 30%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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