During 2021, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 9% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $350,000 and $175,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, Angel issued $2,050,000 of convertible 6% bonds at face value. Each $1,000 bond is convertible into five common shares. Angel's net income for the year ended December 31, 2021, was $6.00 million. The income tax rate is 25%. What will Angel report as diluted earnings per share for 2021, rounded to the nearest cent?

Q: Sarasota Inc. issued $4,170,000 of 10%, 10-year convertible bonds on June 1, 2020, at 97 plus…

A: Solution: When a bond is sold at a discount, the amount of the bond discount must be amortized to…

Q: ,000 and the income tax rate was 20%. Diluted earnings per share for 2021 is (rounded to the nearest…

A:

Q: Waterway Inc. issued $15,400,000 of 12%, 40-year convertible bonds on November 1, 2020, at 98 plus…

A: a). Date Account title & Explanation Debit($) Credit($) December 31,2020 interest payable…

Q: In 2022, Crane Ltd. issued $48,000 of 8% bonds at par, with each $1,000 bond being convertible into…

A: Earnings per share (EPS) is a financial indicator that shows how much of a company's net income is…

Q: Blossom Corporation has outstanding 2,100 $1,000 bonds, each convertible into 50 shares of $10 par…

A: Answer:- Journal entry:- A journal entry records the company's financial data into the sequential…

Q: Renegade, Inc. called its convertible debt in 2020. The 10% $1,000,000 par value bonds were…

A: The book value method is a technique of recording the conversion of convertible debt into stocks of…

Q: Bayside Inc. prepares its financial statements in accordance with IFRS. On January 1, 2023, the…

A: Journal entry is the first step for preparing accounts of a business. It means recording daily…

Q: Crane Limited was incorporated with share capital consisting of 114,000 common shares. In January…

A: It represents the portion of a company's profit allocated to each outstanding share of common stock.…

Q: On January 1, 2018, when its $30 par value common stock was selling for$80 per share, a corporation…

A: Journal entry is the primary reporting of the transactions in the account books.

Q: Bonita Industries, has 4230000 shares of common stock outstanding on December 31, 2020. An…

A: Since Bonita issued 19000, $1,000 face value, 8% convertible bonds each will be converted  into 20…

Q: - preferred stock outs cumulative or conver dividends of $300,000 eholders, respectivel-

A: No. of Shares convertible from bonds = (2,000,000/1,000)*5…

Q: Concord Corporation had 199000 shares of common stock, 20700 shares of convertible preferred stock,…

A: The computation of the Basic earnings per share for 2021 is as follows:

Q: On May 1, 2021, Sunland Company issued $1430000 of 7% bonds at 102, which are due on April 30, 2031.…

A: A discount bond being a bond that is traded on the secondary market for less than its par value or…

Q: On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Swifty Corp.…

A: Journal entry is an art of recording, summarizing and classifying business transactions into…

Q: urnal entry for April 1, 2021 bond conversion?

A:

Q: On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Monty Corp.…

A: Journal entry is an art of recording, summarizing and classifying business transactions into…

Q: Uramilaben

A: The objective of the question is to calculate the diluted earnings per share (EPS) for Thomas…

Q: Flint Corporation has outstanding 1,900 $1,000 bonds, each convertible into 70 shares of $10 par…

A: Bonds are a form of loan or debt being taken by the business. Bonds can be convertible or non…

Q: In 2022, Blossom Ltd. issued $55,000 of 8% bonds at par, with each $1,000 bond being convertible…

A: Diluted Earnings Per Share (EPS) is a financial metric that calculates a company's earnings per…

Q: Crane Inc. issued $3,840,000 of 10%, 10-year convertible bonds on June 1, 2020, at 98 plus accrued…

A: The following information given below : 1. Issued $3,840,000 of 10%, 10-year convertible bonds on…

Q: Foster, Inc. began operations on January 1, 2021. On that date, Foster issued 800,000 shares of S1…

A: EPS, Earnings Per Share is a very important indicator for the investors, It provides information…

Q: Kimber Inc. reported net income of $177,500 during 2021.  At January 1, 2021 Kimber had 100,000…

A: EPS stands for earning per share. A company has two types of EPS i.e basic and diluted. Basic EPS is…

Q: On May 1, 2021, Coronado Industries issued $2950000 of 7% bonds at 104, which are due on April 30,…

A: Bonds are the highly secured securities which are redeemable after a certain span of time.

Q: 16 .During 2021, Sysco Corp. had 1,000,000 shares of common stock and 60,000 shares of 10% preferred…

A: No. of shares convertible from bonds = = (2,200,000/1,000) x 5 = 2,200 x 5 = 11,000 shares Total…

Q: Q Co. had 200,000 ordinary shares, 20,000 shares of convertible preference shares, and $1,000,000 of…

A: EPS is earnings per share that available for all shareholders and that is income remaining after…

Q: Sheffield Inc. issued $15,200,000 of 12%, 40-year convertible bonds on November 1, 2025, at 97 plus…

A: To record transactions and maintain track of business activities, the business entities enter the…

Q: Dream Corporation reported net income of $44,000 for 2019. The company has 10,000 shares of common…

A: Earnings per share (EPS) is a company's net profit divided by the number of common shares it has…

Q: Windsor Inc. issued $3,840,000 of 11%, 10-year convertible bonds on June 1, 2020, at 99 plus accrued…

A: The following information given in the question: 1.  Issued $3,840,000 of 11%, 10-year convertible…

Q: The following information is taken from Multi-Task Corporation’s November 30, 2021 balance sheet:…

A: Basic Earnings Per Share : Net income available to common stockholders / Weighted average number of…

Q: On May 1, 2021, Duck Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due…

A: Isssue Price of Bonds ($2000000 * 104%) $20,80,000     Fair market value of bonds ($2000000 *…

Q: On May 1, 2021, Swifty Corporation issued $1410000 of 8% bonds at 104, which are due on April 30,…

A: Proceeds from the issue of the bonds at 104%        = ($1410000 × 104%)         = $1466400…

Q: On January 1, 2019, Yellow Company issued its P3,000,000, 8%, 5-year bonds that resulted in a bond…

A: Share Premium: The Securities Premium is a provision of the Company Law that applies to the issuance…

Q: During 2021, Omnicom Corp had 1,000,000 shares of common stock and 60,000 shares of 6% preferred…

A: Earnings-Per-Share(EPS) refers to portion to net profit that pertains to each individual common…

Q: On May 1, 2025, Sunland should credit Paid-in Capital from Stock Warrants for O $60672. O $63600. O…

A: Bonds are fixed-income securities that reflect investor loans to borrowers (typically corporate or…

Q: Waterway Industries had 200000 shares of common stock, 19300 shares of convertible preferred stock,…

A: Diluted Earnings Per Share: The diluted earnings per share (diluted EPS) of a corporation is…

Q: Cullumber Co. had 205000 shares of common stock, 20800 shares of convertible preferred stock, and…

A: Earnings per share (EPS) is a financial ratio used to evaluate the profitability of a company on a…

Q: Teal Corporation has outstanding 1,900 $1,000 bonds, each convertible into 70 shares of $10 par…

A:

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.