Jean Mier Serawak, comptroller at Amerigo Laboratories, Inc., a public company, is currentlypreparing the calculation for basic and diluted earnings per share and the related disclosure forAmerigo's financial statements. Selected financial information for the fiscal year ended June 30,2022, is shown below.Amerigo Laboratories, Inc.Selected Statement of Financial Position InformationJune 30, 2022EquityShare capital-preference, 6% cumulative, P50 par value, 100,000shares authorized, 25,000 shares issued and outstandingShare capital-ordinary, P1 par, 10,000,000 shares authorized,1,000,000 shares issued and outstandingShare premium-ordinary (includes any amounts for options andconversions)Retained earningsTotal equityP 1,250,0001,000,0004,000,0006,000,000P12,250,000Long-term debtNotes payable, 10%Convertible bonds payable10% bonds payableTotal long-term debtP 1,000,0005,000,0006,000,000P12,000,000The following transactions have also occurred at Amerigo.1. Options were granted on July 1, 2021, to purchase 200,000 shares at P15 per share. Althoughno options were exercised during fiscal year 2022, the average price per ordinary share duringfiscal year 2022 was P20 per share.2. Each bond was issued at face value. The convertible bonds will convert into ordinary shares at50 shares per P1,000 bond. The conversion is exercisable after 5 years, and the bonds wereissued in 2020. The interest on the liability component of the convertible bonds payable for thefiscal year ending June 30, 2022, was P450,000.3. The preference shares were issued in 2020.4. There are no preference dividends in arrears; however, preference dividends were notdeclared in fiscal year 2022.5. The 1,000,000 ordinary shares were outstanding for the entire 2022 fiscal year.6. Net income for fiscal year 2022 was P1,500,000, and the average income tax rate is40%.InstructionsFor the fiscal year ended June 30, 2022, calculate the following for AmerigoLaboratories, Inc.a. Basic earnings per share.b. Diluted earnings per share.

Basic and diluted EPS is to be calculated based on the given information. Basic EPS - Is the…

Answered: Instructions For the fiscal year ended…

Instructions For the fiscal year ended June 30, 2022, calculate the following for Amerigo Laboratories, Inc. a. Basic earnings per share. b. Diluted 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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