On January 1, 2023, Blue Corp. had 182,000 common shares outstanding. On April 1, 2023, 18,200 common shares were issued a on September 1, 2023, Blue bought back 28,200 treasury shares. The market price of the common shares averaged $50 during 201 The corporation's income tax rate is 40%. During 2023, there were 28,200 call options to buy common shares at $40 a share outstanding; and there were 18,200, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $2,020,000 of 9% convertible bonds at face value. Each $1,000 bond is convertible into 2 common shares. The corporation reported $729,000 net income for calendar 2023. Calculate diluted earnings per share for 2023. Complete the schedule below. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round earnings per share to 2 decimal places, e.g. 52.75.)

On January 1, 2023, Blue Corp. had 182,000 common shares outstanding. On April 1, 2023, 18,200 common shares were issued a on September 1, 2023, Blue bought back 28,200 treasury shares. The market price of the common shares averaged $50 during 201 The corporation's income tax rate is 40%. During 2023, there were 28,200 call options to buy common shares at $40 a share outstanding; and there were 18,200, $8, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2022, the corporation had issued $2,020,000 of 9% convertible bonds at face value. Each $1,000 bond is convertible into 2 common shares. The corporation reported $729,000 net income for calendar 2023. Calculate diluted earnings per share for 2023. Complete the schedule below. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round earnings per share to 2 decimal places, e.g. 52.75.)

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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