Information from the financial statements of Park-Rao Industries included the following at December 31, 2024:Common shares outstanding throughout the yearConvertible preferred shares (convertible into 32 million shares of common)Convertible 8% bonds (convertible into 13.5 million shares of common)Park-Rao's net income for the year ended December 31, 2024, is $520 million. The income tax rate is 25%. Park-Raos paiddividends of $2 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. Except for per share amounts, enter your answers in millions (i.e.,10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.BasicDiluted$$X Answer is complete but not entirely correct.Earnings pershareNumerator400574++Denominator100146$= $100 million60 million$ 900 million=4.003.95 X

Basic EPS is computed by dividing the Earnings Available for Equity shareholders by the Total no. of…

Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.

Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.

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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