Im, Incorporated had 52,000 shares of common stock outstanding at January 1, 2024. On March 31, 2024, an additional 12,400 shares were sold for cash. Im also had $4,200,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 42,000 shares of common stock. Net income for the year was $353,000. The tax rate is 25% Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Round your answers to 2 decimal places. Basic Diluted $ $ 5.76 5.25

Im, Incorporated had 52,000 shares of common stock outstanding at January 1, 2024. On March 31, 2024, an additional 12,400 shares were sold for cash. Im also had $4,200,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 42,000 shares of common stock. Net income for the year was $353,000. The tax rate is 25% Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Round your answers to 2 decimal places. Basic Diluted $ $ 5.76 5.25

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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