Wildhorse Inc. had net income for the fiscal year ended June 30, 2023, of $6,300,000. There were 500,000 common shares outstanding throughout 2023. The average market price of the common shares for the entire fiscal year was $80. Wildhorse's tax rate was 25% for 2023. Wildhorse had the following potential common shares outstanding during 2023: 1. 2. 3. (a1) Options to buy 200,000 common shares at $40 per share. 200,000 convertible preferred shares entitled to a cumulative dividend of $10 per share. Each preferred share is convertible into 1.5 common shares. 5% convertible bonds with a principal amount of $31,300,000, issued at par. Each $1,000 bond is convertible into 25 common shares. Calculate the income effect of the dividends on preferred shares. Dividends on preferred shares (a2) eTextbook and Media Calculate basic earnings per share for 2023. (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share eTextbook and Media Attempts: 1 of 3 used

Wildhorse Inc. had net income for the fiscal year ended June 30, 2023, of $6,300,000. There were 500,000 common shares outstanding throughout 2023. The average market price of the common shares for the entire fiscal year was $80. Wildhorse's tax rate was 25% for 2023. Wildhorse had the following potential common shares outstanding during 2023: 1. 2. 3. (a1) Options to buy 200,000 common shares at $40 per share. 200,000 convertible preferred shares entitled to a cumulative dividend of $10 per share. Each preferred share is convertible into 1.5 common shares. 5% convertible bonds with a principal amount of $31,300,000, issued at par. Each $1,000 bond is convertible into 25 common shares. Calculate the income effect of the dividends on preferred shares. Dividends on preferred shares (a2) eTextbook and Media Calculate basic earnings per share for 2023. (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share eTextbook and Media Attempts: 1 of 3 used

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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