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On January 2, 2023, Pina Inc. issued at par $9000 6% bonds convertible into 900 of its common shares. No bonds were converted during 2023. Throughout 2023, Pina had 900 common shares outstanding (no preferred shares issued). Pina's 2023 net income was $5202, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2023. Pina diluted earnings per share for 2023 would be O $3.19. O $2.89. O $6.20. O $3.10.

On January 2, 2023, Pina Inc. issued at par $9000 6% bonds convertible into 900 of its common shares. No bonds were converted during 2023. Throughout 2023, Pina had 900 common shares outstanding (no preferred shares issued). Pina's 2023 net income was $5202, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2023. Pina diluted earnings per share for 2023 would be O $3.19. O $2.89. O $6.20. O $3.10.

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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On January 2, 2023, Pina Inc. issued at par $9000 6% bonds convertible into 900 of its common shares. No bonds were converted during 2023. Throughout 2023, Pina had 900 common shares outstanding (no preferred shares issued). Pina's 2023 net income was $5202, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2023. Pina diluted earnings per share for 2023 would be O $3.19. O $2.89. O $6.20. O $3.10.
Transcribed Image Text:On January 2, 2023, Pina Inc. issued at par $9000 6% bonds convertible into 900 of its common shares. No bonds were converted during 2023. Throughout 2023, Pina had 900 common shares outstanding (no preferred shares issued). Pina's 2023 net income was $5202, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2023. Pina diluted earnings per share for 2023 would be O $3.19. O $2.89. O $6.20. O $3.10.
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