Coronado Corporation had net income for the current year ending December 31, 2023 of $1,164,700. Throughout 2023 the following items were outstanding: ● ● 394,000 common shares 20,500 Class A $3 cumulative preferred shares that were convertible to common shares at a rate of 1:1 50,000 Class B $4 non-cumulative preferred shares that were convertible at a rate of 1 common share for every 2 preferred shares. $476,000, 8% bonds that were convertible to 14,000 common shares $360,000, 10% bonds convertible to 12,000 common shares No dividends were declared or paid in 2023. Coronado's tax rate is 25%.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Coronado Corporation had net income for the current year ending December 31, 2023 of $1,164,700. Throughout 2023 the following
items were outstanding:
●
●
●
394,000 common shares
20,500 Class A $3 cumulative preferred shares that were convertible to common shares at a rate of 1:1
50,000 Class B $4 non-cumulative preferred shares that were convertible at a rate of 1 common share for every 2 preferred
shares.
$476,000, 8% bonds that were convertible to 14,000 common shares
$360,000, 10% bonds convertible to 12,000 common shares
No dividends were declared or paid in 2023. Coronado's tax rate is 25%.
Transcribed Image Text:Coronado Corporation had net income for the current year ending December 31, 2023 of $1,164,700. Throughout 2023 the following items were outstanding: ● ● ● 394,000 common shares 20,500 Class A $3 cumulative preferred shares that were convertible to common shares at a rate of 1:1 50,000 Class B $4 non-cumulative preferred shares that were convertible at a rate of 1 common share for every 2 preferred shares. $476,000, 8% bonds that were convertible to 14,000 common shares $360,000, 10% bonds convertible to 12,000 common shares No dividends were declared or paid in 2023. Coronado's tax rate is 25%.
(k)
Calculate diluted earnings per share. (Round calculations of EPS to 3 decimal places, e.g. 3.545 and provide final answer to 2 decimal
places, e.g. 15.25.)
Basic
Sub Total
Sub Total
Diluted EPS
$
Taithaaleandhading
WhatsApp Imagejpeg
H
$
Numerator
2.44
Q Search
17.58/20
Denominator
EPS
Transcribed Image Text:(k) Calculate diluted earnings per share. (Round calculations of EPS to 3 decimal places, e.g. 3.545 and provide final answer to 2 decimal places, e.g. 15.25.) Basic Sub Total Sub Total Diluted EPS $ Taithaaleandhading WhatsApp Imagejpeg H $ Numerator 2.44 Q Search 17.58/20 Denominator EPS
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