Manchester Corporation had 100,000 shares of common stock outstanding and 5% bonds with a face válue df $1,000,000 throughout the current year. The bonds are convertible into 150,000 common shares. Net income for the current year was $212,500 with a 25% tax rate. What is the amount of the diluted EPS for the current year? (Round your answer to 2 decimal places.)

Manchester Corporation had 100,000 shares of common stock outstanding and 5% bonds with a face válue df $1,000,000 throughout the current year. The bonds are convertible into 150,000 common shares. Net income for the current year was $212,500 with a 25% tax rate. What is the amount of the diluted EPS for the current year? (Round your answer to 2 decimal places.)

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Description: ## Knowledge Check 01Manchester Corporation had 100,000 shares of common stock outstanding and 5% bonds with a face value of $1,000,000 outstanding throughout the current year. The bonds are convertible into 150,000 common shares. Net income for the

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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