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On December 31, 2019, VENUS Company had 450,000 shares of ordinary shares outstanding. On September 1, 2020, an additional 150,000 shares of ordinary shares were issued. In addition, VENUS Company had P10,000,000 of 6% convertible bonds outstanding at December 31, 2019 which are convertible into 300,000 shares of ordinary shares. The carrying value of the bonds as of December 31, 2019 and based on a rate of 8% is P9,205,800. No bonds were converted into ordinary shares in 2020. The net income for the year ended December 31, 2020 was P3,750,000.Using 30% income tax rate, how much should be the diluted EPS to be presented by VENUS Company for the year ended December 31, 2020? (use 2 decimal places)

On December 31, 2019, VENUS Company had 450,000 shares of ordinary shares outstanding. On September 1, 2020, an additional 150,000 shares of ordinary shares were issued. In addition, VENUS Company had P10,000,000 of 6% convertible bonds outstanding at December 31, 2019 which are convertible into 300,000 shares of ordinary shares. The carrying value of the bonds as of December 31, 2019 and based on a rate of 8% is P9,205,800. No bonds were converted into ordinary shares in 2020. The net income for the year ended December 31, 2020 was P3,750,000.Using 30% income tax rate, how much should be the diluted EPS to be presented by VENUS Company for the year ended December 31, 2020? (use 2 decimal places)

Intermediate Accounting: Reporting And Analysis
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
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On December 31, 2019, VENUS Company had 450,000 shares of ordinary shares outstanding. On September 1, 2020, an additional 150,000 shares of ordinary shares were issued. In addition, VENUS Company had P10,000,000 of 6% convertible bonds outstanding at December 31, 2019 which are convertible into 300,000 shares of ordinary shares. The carrying value of the bonds as of December 31, 2019 and based on a rate of 8% is P9,205,800. No bonds were converted into ordinary shares in 2020. The net income for the year ended December 31, 2020 was P3,750,000.Using 30% income tax rate, how much should be the diluted EPS to be presented by VENUS

Company for the year ended December 31, 2020? (use 2 decimal
places)

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