On January 2, 2021, Bramble Corp. issued at par $301000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares. No bonds were converted during 2021. Bramble had 104000 shares of common stock outstanding during 2021. Bramble's 2021 net income was $153000 and the income tax rate was 35%. Bramble's diluted earnings per share for 2021 would be (rounded to the nearest penny) O $1.35. O $1.47. O $1.40. O $1.24.
On January 2, 2021, Bramble Corp. issued at par $301000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares. No bonds were converted during 2021. Bramble had 104000 shares of common stock outstanding during 2021. Bramble's 2021 net income was $153000 and the income tax rate was 35%. Bramble's diluted earnings per share for 2021 would be (rounded to the nearest penny) O $1.35. O $1.47. O $1.40. O $1.24.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On January 2, 2021, Bramble Corp. issued at par $301000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares.
No bonds were converted during 2021. Bramble had 104000 shares of common stock outstanding during 2021. Bramble's 2021 net
income was $153000 and the income tax rate was 35%. Bramble's diluted earnings per share for 2021 would be (rounded to the
nearest penny)
O $1.35.
O $1.47.
O $1.40.
O $1.24.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F506c3f2a-e371-4ce1-aa8d-cf5301d8204a%2F335ea5a1-9ce8-4f44-8989-c04c96c17302%2Fmwb5p7u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 2, 2021, Bramble Corp. issued at par $301000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares.
No bonds were converted during 2021. Bramble had 104000 shares of common stock outstanding during 2021. Bramble's 2021 net
income was $153000 and the income tax rate was 35%. Bramble's diluted earnings per share for 2021 would be (rounded to the
nearest penny)
O $1.35.
O $1.47.
O $1.40.
O $1.24.
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