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nformation from the financial statements of Ames Fabricators, Incorporated included the following: December 31 2023 2024 Common shares 100,000 100,000 Convertible preferred shares (convertible into 82,000 shares of common) 32,400 32,400 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2024, is $840,000. The income tax rate is 25%. Ames paid dividends of $5 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. Enter your answers in thousands (i.e., 10,000 should be entered as 10). numerator denominator EPS Basic??

nformation from the financial statements of Ames Fabricators, Incorporated included the following: December 31 2023 2024 Common shares 100,000 100,000 Convertible preferred shares (convertible into 82,000 shares of common) 32,400 32,400 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2024, is $840,000. The income tax rate is 25%. Ames paid dividends of $5 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. Enter your answers in thousands (i.e., 10,000 should be entered as 10). numerator denominator EPS Basic??

FINANCIAL ACCOUNTING
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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nformation from the financial statements of Ames Fabricators, Incorporated included the following: December 31 2023 2024 Common shares 100,000 Convertible preferred shares (convertible into 82,000 shares of common) 32,400 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $ 1,000,000 Ames's net income for the year ended December 31, 2024, is $840,000. The income tax rate is 25%. Ames paid dividends of $5 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. Enter your answers in thousands (i.e., 10,000 should be entered as 10). numerator denominator EPS Basic ?? 100,000 32,400
Transcribed Image Text:nformation from the financial statements of Ames Fabricators, Incorporated included the following: December 31 2023 2024 Common shares 100,000 Convertible preferred shares (convertible into 82,000 shares of common) 32,400 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $ 1,000,000 Ames's net income for the year ended December 31, 2024, is $840,000. The income tax rate is 25%. Ames paid dividends of $5 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. Enter your answers in thousands (i.e., 10,000 should be entered as 10). numerator denominator EPS Basic ?? 100,000 32,400
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