Information from the financial statements of Park-Rao Industries included the following at December 31, 2024: Common shares outstanding throughout the year Convertible preferred shares (convertible into 20 million shares of common) Convertible 8% bonds (convertible into 19.0 million shares of common) Park-Rao's net income for the year ended December 31, 2024, is $880 million. The income tax rate is 25%. Park-Raos paid dividends of $2 per share on its preferred stock during 2024. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round Intermediate calculations. Except for per share amounts, enter your answers in millions (l.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Basic Diluted Numerator + Denominator 100 million 55 million $ 2,400 million = Earnings per share

Information from the financial statements of Park-Rao Industries included the following at December 31, 2024: Common shares outstanding throughout the year Convertible preferred shares (convertible into 20 million shares of common) Convertible 8% bonds (convertible into 19.0 million shares of common) Park-Rao's net income for the year ended December 31, 2024, is $880 million. The income tax rate is 25%. Park-Raos paid dividends of $2 per share on its preferred stock during 2024. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round Intermediate calculations. Except for per share amounts, enter your answers in millions (l.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Basic Diluted Numerator + Denominator 100 million 55 million $ 2,400 million = Earnings per share

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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