Now that I need answer for a which is 5, 146,810 I need help with b. I want to know how can I find the amount for convertible preferred stock still outstanding in order to solve for b Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year endingDecember 31, 2021. Austin has compiled the information listed below.1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding.2. The per share market prices of the common stock on selected dates were as follows.Price per ShareJuly 1, 2020$20.00January 1, 202121.00April 1, 202125.00July 1, 202111.00August 1, 202110.50November 1, 20219.00December 31, 202110.003. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, andit has a cumulative dividend of $3 per share The stock is convertible intoclk nt th CALCULATOThe following specific activities took place during 2021.1. January 1-A 5% common stock dividend was issued. The dividend had been declared on December 1, 2020, to all stockholder.2. April 1-A total of 394,800 shares of the $3 convertible preferred stock was converted into common stock. The company issuedstock. This was the only conversion of the preferred stock during 2021.3. July 1-A 2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on Jun4. August 1-A total of 285,600 shares of common stock were issued to acquire a factory building.5. November 1-A total of 24,000 shares of common stock were purchased on the open market at $9.00 per share. These shares wethe treasury as of December 31, 2021.6. Common stock cash dividends-Cash dividends to common stockholders were declared and paid as follows,April 15-$0.30 per shareOctober 15-$0.20 per share7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid as scheduled.(a) Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2021. (Round answerNumber of shares to compute basic earnings per shareudy(b) Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2021. (Round answerNumber of shares to compute diluted earnings per share(c) Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31Adjusted net incomeClick if you would like to Show Work for this question:Open Show Workhere to search%23h2 +prt scfsde米144#32$4&bac36.786.TYDFGH.JK5LL

Convertible preferred stock is the kind of preferred stock, which provides the holder option to…

Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin has compiled the information listed below. 1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding. 2. The per share market prices of the common stock on selected dates were as follows. Price per Share July 1, 2020 $20.00 January 1, 2021 21.00 April 1, 2021 25.00 July 1, 2021 11.00 August 1, 2021 10.50 November 1, 2021 9.00 December 31, 2021 10.00 3. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, and it has a cumulative dividend of $3 per share The stock is convertible into clk nt th

Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin has compiled the information listed below. 1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding. 2. The per share market prices of the common stock on selected dates were as follows. Price per Share July 1, 2020 $20.00 January 1, 2021 21.00 April 1, 2021 25.00 July 1, 2021 11.00 August 1, 2021 10.50 November 1, 2021 9.00 December 31, 2021 10.00 3. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, and it has a cumulative dividend of $3 per share The stock is convertible into clk nt th

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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