Compute diluted earnings per share for 2020 Diluted earnings per share_______ b) Compute diluted earnings per share for 2020, assuming the same facts as above, except that $1,100,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Indigo common stock.

Sheffield Inc. issued $15,200,000 of 12%, 40-year convertible bonds on November 1, 2025, at 97 plus accrued interest. The bonds were dated July 1, 2025, with interest payable January 1 and July 1. Bond discount (premium) is amortized semiannually on a straight- line basis. On July 1, 2026, one-half of these bonds were converted into 56,000 shares of $1 par value common stock. Accrued interest was paid in cash at the time of conversion. (a) (b) Prepare the entry to record the interest expense at December 31, 2025. Assume that accrued interest payable was credited when the bonds were issued. Credit Interest Payable for the full amount due; debit Interest Payable for the amount recognized at insurance. (Round to nearest dollar.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal place, e.g. 5,125. List all debit entries…

Dream Corporation reported net income of $44,000 for 2019. The company has 10,000 shares of common stock issued and outstanding for all of 2019 and no preferred stock. During 2018, Dream issued $400,000 of 8% convertible bonds at par value. Each $1,000 bond can be converted into 24 shares of common stock. No bonds have been converted as of December 31, 2019. Dream has a 30% tax rate.  a) What is the basic EPS? b) What is the diluted EPS?

During 2020, Masefield, Inc. had the following convertible securities outstanding:• $200,000 of 6% convertible bonds. Each $1,000 bond is convertible into 30 shares ofcommon stock.• $100,000 of 10%, $50 par, cumulative preferred stock. Each share is convertible into 4shares of common stock.Masefield, Inc. has an income tax rate of 30%. Its reported net income for 2020 was $210,000, and it had26,000 shares of common stock outstanding all year.Instructions: Calculate basic and diluted earnings per share for Masefield. You may omit ranking andimpact of the dilutive securities.