Im, Incorporated had 64,000 shares of common stock outstanding at January 1, 2024. On March 31, 2024, an additional 13,600 shares were sold for cash. Im also had $ 5,400,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 54,000 shares of common stock. Net income for the year was $ 365,000. The tax rate is 25 %. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Round your answers to 2 decimal places.

Im, Incorporated had 64,000 shares of common stock outstanding at January 1, 2024. On March 31, 2024, an additional 13,600 shares were sold for cash. Im also had $ 5,400,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 54,000 shares of common stock. Net income for the year was $ 365,000. The tax rate is 25 %. Required: Compute basic and diluted earnings per share for the year ended December 31, 2024. Note: Round your answers to 2 decimal places.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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