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)At January 2, 2022, Squatina issued at par $258,000 of 6% bonds, that can be converted into 6,450 shares of Squatina's common stock. No bonds have been converted. Squatina had 65,000 shares of common stock outstanding all year. Squatina's net income for 2022 was $114,000, and its income tax rate is 35%. What should Squatina have reported as diluted earnings per share for 2022? (N 5035 O $1.74 O $1.81

)At January 2, 2022, Squatina issued at par $258,000 of 6% bonds, that can be converted into 6,450 shares of Squatina's common stock. No bonds have been converted. Squatina had 65,000 shares of common stock outstanding all year. Squatina's net income for 2022 was $114,000, and its income tax rate is 35%. What should Squatina have reported as diluted earnings per share for 2022? (N 5035 O $1.74 O $1.81

FINANCIAL ACCOUNTING
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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)At January 2, 2022, Squatina issued at par $258,000 of 6% bonds, that can be converted into 6,450 shares of Squatina's common stock. No bonds have been converted. Squatina had 65,000 shares of common stock outstanding all year. Squatina's net income for 2022 was $114,000, and its income tax rate is 35%. What should Squatina have reported as diluted earnings per share for 2022? (N 5035 O $1.74 O $1.81
Transcribed Image Text:)At January 2, 2022, Squatina issued at par $258,000 of 6% bonds, that can be converted into 6,450 shares of Squatina's common stock. No bonds have been converted. Squatina had 65,000 shares of common stock outstanding all year. Squatina's net income for 2022 was $114,000, and its income tax rate is 35%. What should Squatina have reported as diluted earnings per share for 2022? (N 5035 O $1.74 O $1.81
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