On January 2, 2025, Sheridan Co. issued at par $290000 of 6% convertible bonds. Each $1000 bond is convertible into 60 shares. No bonds were converted during 2025. Sheridan had 106000 shares of common stock outstanding during 2025. Sheridan's 2025 net income was $179090 and its income tax rate was 30%. Sheridan's diluted earnings per share for 2025 is O $1.69. O $1.59. $1.55. O $1.45.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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On January 2, 2025, Sheridan Co. issued at par $290000 of 6% convertible bonds. Each $1000 bond is convertible into 60 shares. No
bonds were converted during 2025. Sheridan had 106000 shares of common stock outstanding during 2025. Sheridan's 2025 net
income was $179090 and its income tax rate was 30%. Sheridan's diluted earnings per share for 2025 is
$1.69.
$1.59.
$1.55.
O $1.45.
Transcribed Image Text:On January 2, 2025, Sheridan Co. issued at par $290000 of 6% convertible bonds. Each $1000 bond is convertible into 60 shares. No bonds were converted during 2025. Sheridan had 106000 shares of common stock outstanding during 2025. Sheridan's 2025 net income was $179090 and its income tax rate was 30%. Sheridan's diluted earnings per share for 2025 is $1.69. $1.59. $1.55. O $1.45.
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