On June 1, 2023, Novak Company and Splish Company merged to form Blossom Inc. A total of 877,000 shares were issued tocomplete the merger. The new corporation reports on a calendar-year basis.On April 1, 2025, the company issued an additional 652,000 shares of stock for cash. All 1,529,000 shares were outstanding onDecember 31, 2025.Blossom Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2025. Each $1,000 bond converts to 44 shares ofcommon at any interest date. None of the bonds have been converted to date.Blossom Inc. is preparing its annual report for the fiscal year ending December 31, 2025. The annual report will show earnings pershare figures based upon a reported after-tax net income of $1,444,000. (The tax rate is 20%.)Determine the following for 2025.a. The number of shares to be used for calculating: (Round answers to O decimal places, e.g. 2,500.)1.2.1.Basic earnings per share2.Diluted earnings per shareBasic earnings per shareb. The earnings figures to be used for calculating: (Round answers to O decimal places, e.g. 2,500.)Diluted earnings per share$1529000$1565818sharesshares

ANSWERBeginning outstanding shares = 877000Additional shares issued in April = 6520008%…

Answered: Determine the following for 2025. a.…

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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are my answers correct? if yes help me understand how the computation of answers were arrived at Answer 3.2.1) Calculate the number of shares in issue =240000/30 =8000shares Answer 3.2.2) The dividend per share =60000/8000 = 7.5 per shares Answer 3.2.3) The new share price IN CASE OF DIVIDEND PAYMENT share price = (240000 - 60000)/8000 = 22.5 per share IN CASE OF SHARE REPURCHASE No of shares repurchased = 60000/30 = 2000 shares new number of shares = 8000 - 2000 = 6000 shares new net worth of the company = 240000-60000 = 180000 therefore new share price = 180000/ 6000 = 30 per share 2) Earnings per share (EPS) IN CASE OF DIVIDEND PAYMENT Since the number of shares are not reducing EPS will remain same at 3 per share IN CASE OF SHARE REPURCHASE EPS = (8000*3)/6000 = 4 per share 3)…

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