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On January 2, 2025, Cullumber Co. issued at par $10900 of 5% bonds convertible in total into 1000 shares of Cullumber's common stock. No bonds were converted during 2025. Throughout 2025, Cullumber had 1000 shares of common stock outstanding. Cullumber's 2025 net income was $4000, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2025. Cullumber's diluted earnings per share for 2025 was $4.38. $2.30. $2.19. $2.00.

On January 2, 2025, Cullumber Co. issued at par $10900 of 5% bonds convertible in total into 1000 shares of Cullumber's common stock. No bonds were converted during 2025. Throughout 2025, Cullumber had 1000 shares of common stock outstanding. Cullumber's 2025 net income was $4000, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2025. Cullumber's diluted earnings per share for 2025 was $4.38. $2.30. $2.19. $2.00.

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, 2025, Cullumber Co. issued at par $10900 of 5% bonds convertible in total into 1000 shares of Cullumber's common stock. No bonds were converted during 2025. Throughout 2025, Cullumber had 1000 shares of common stock outstanding. Cullumber's 2025 net income was $4000, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2025. Cullumber's diluted earnings per share for 2025 was $4.38. $2.30. $2.19. O $2.00.
Transcribed Image Text:On January 2, 2025, Cullumber Co. issued at par $10900 of 5% bonds convertible in total into 1000 shares of Cullumber's common stock. No bonds were converted during 2025. Throughout 2025, Cullumber had 1000 shares of common stock outstanding. Cullumber's 2025 net income was $4000, and its income tax rate is 30%. No potentially dilutive securities other than the convertible bonds were outstanding during 2025. Cullumber's diluted earnings per share for 2025 was $4.38. $2.30. $2.19. O $2.00.
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