Lilac Company has 200,000 shares of ordinary shares outstanding on January 1, 2021. On March 31, 2021, 100,000 additional ordinary shares.  On June 30, the company issued 10%, 100,000 convertible preference share par value of P20. The preference shares are convertible into 200,000 shares of ordinary shares.  On December 31, 2021, Lilac Company reported a net income of P1,140,000 after tax and paid dividends of P300,000 to ordinary and P100,000 to preference shareholders. What is the diluted earnings per share?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Lilac Company has 200,000 shares of ordinary shares outstanding on January 1, 2021. On March 31, 2021, 100,000 additional ordinary shares.  On June 30, the company issued 10%, 100,000 convertible preference share par value of P20. The preference shares are convertible into 200,000 shares of ordinary shares.  On December 31, 2021, Lilac Company reported a net income of P1,140,000 after tax and paid dividends of P300,000 to ordinary and P100,000 to preference shareholders. What is the diluted earnings per share?

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