At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 620 million common shares 20 million 6% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,000 million face amount, convertible into 70 million common shares The following additional information is available: • On September 1, 2024, M. E. Gainor sold 78 million additional shares of common stock. • Incentive stock options to purchase 40 million shares of common stock after July 1, 2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $20 per share during 2024. • Gainor's net income for the year ended December 31, 2024, was $1,726 million. The effective income tax rate was 25%. Required: 1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Basic Diluted Numerator Denominator Earnings per share

At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 620 million common shares 20 million 6% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,000 million face amount, convertible into 70 million common shares The following additional information is available: • On September 1, 2024, M. E. Gainor sold 78 million additional shares of common stock. • Incentive stock options to purchase 40 million shares of common stock after July 1, 2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $20 per share during 2024. • Gainor's net income for the year ended December 31, 2024, was $1,726 million. The effective income tax rate was 25%. Required: 1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Basic Diluted Numerator Denominator Earnings per share

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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