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In 2022, Blossom Ltd. issued $55,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2023, not including interest and tax. (Assume a tax rate of 20%.) Throughout 2023, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity. assume that the convertible bonds' equity element is not recorded.) 1-1

In 2022, Blossom Ltd. issued $55,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2023, not including interest and tax. (Assume a tax rate of 20%.) Throughout 2023, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity. assume that the convertible bonds' equity element is not recorded.) 1-1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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In 2022, Blossom Ltd. issued $55,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2023, not including interest and tax. (Assume a tax rate of 20%.) Throughout 2023, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.) 1-1 Skip Extension Tip: Double dick to open in new tab Show Transcribed Text Assume that 7 of the 55 bonds were converted on July 1, 2023. Calculate diluted earnings per share for the year ended December 31, 2023. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share $
Transcribed Image Text:In 2022, Blossom Ltd. issued $55,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $79,800 and expenses of $43,300 for 2023, not including interest and tax. (Assume a tax rate of 20%.) Throughout 2023, 1,800 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds' equity element is not recorded.) 1-1 Skip Extension Tip: Double dick to open in new tab Show Transcribed Text Assume that 7 of the 55 bonds were converted on July 1, 2023. Calculate diluted earnings per share for the year ended December 31, 2023. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share $
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