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During 2023, Blossom Ltd. had 364000 common shares, 55000 non-cumulative convertible preferred shares, and $1204000 10% convertible bonds outstanding. The preferred shares are convertible into 87000 common shares. During 2023, Blossom paid dividends of $1.00 per share to the common shares and $1.50 per share to the preferred shares. Each $1000 bond is convertible into 50 common shares. The net income for 2023 was $1014340 and the income tax rate was 30%. Basic earnings per share for 2023 is $2.03. $2.94. $2.79. $2.56.

During 2023, Blossom Ltd. had 364000 common shares, 55000 non-cumulative convertible preferred shares, and $1204000 10% convertible bonds outstanding. The preferred shares are convertible into 87000 common shares. During 2023, Blossom paid dividends of $1.00 per share to the common shares and $1.50 per share to the preferred shares. Each $1000 bond is convertible into 50 common shares. The net income for 2023 was $1014340 and the income tax rate was 30%. Basic earnings per share for 2023 is $2.03. $2.94. $2.79. $2.56.

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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During 2023, Blossom Ltd. had 364000 common shares, 55000 non-cumulative convertible preferred shares, and $1204000 10% convertible bonds outstanding. The preferred shares are convertible into 87000 common shares. During 2023, Blossom paid dividends of $1.00 per share to the common shares and $1.50 per share to the preferred shares. Each $1000 bond is convertible into 50 common shares. The net income for 2023 was $1014340 and the income tax rate was 30%. Basic earnings per share for 2023 is $2.03. $2.94. $2.79. $2.56.
Transcribed Image Text:During 2023, Blossom Ltd. had 364000 common shares, 55000 non-cumulative convertible preferred shares, and $1204000 10% convertible bonds outstanding. The preferred shares are convertible into 87000 common shares. During 2023, Blossom paid dividends of $1.00 per share to the common shares and $1.50 per share to the preferred shares. Each $1000 bond is convertible into 50 common shares. The net income for 2023 was $1014340 and the income tax rate was 30%. Basic earnings per share for 2023 is $2.03. $2.94. $2.79. $2.56.
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