FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Subject: acounting 

At December 31, 2024, MedX Corporation had outstanding 200,000 shares of common stock. Also outstanding were 120,000 shares of preferred stock convertible into 64,000 common shares and $1,800,000 of 10% bonds convertible into 27,000 common shares. MedX's net income for the year ended December 31, 2024, is $1,040,000. The income tax rate is 25%. MedX paid dividends 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, considering possible antidilutive effects. Note: Round your answers to 2 decimal places. Answer is complete but not entirely correct. Basic EPS Diluted EPS $ 4.00 $ 3.57
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Transcribed Image Text:At December 31, 2024, MedX Corporation had outstanding 200,000 shares of common stock. Also outstanding were 120,000 shares of preferred stock convertible into 64,000 common shares and $1,800,000 of 10% bonds convertible into 27,000 common shares. MedX's net income for the year ended December 31, 2024, is $1,040,000. The income tax rate is 25%. MedX paid dividends 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, considering possible antidilutive effects. Note: Round your answers to 2 decimal places. Answer is complete but not entirely correct. Basic EPS Diluted EPS $ 4.00 $ 3.57
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