On December 31, 2023, Berclair Incorporated had 460 million shares of common stock and 3 million...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, 2023, Berclair Incorporated had 460 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2024. Four million treasury shares were sold on October 1. .Net income for the year ended December 31, 2024, was $700 million. . The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2019. The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share. During 2024, the market price of the common shares averaged $70 per share. In 2020, $50.0 million of 8% bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2024. (Shares for stock options and conversion of convertible securities have been adjusted for any stock split or stock dividend.) Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Basic Diluted Numerator Denominator + = Earnings per Share On December 31, 2023, Berclair Incorporated had 460 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2024. Four million treasury shares were sold on October 1. .Net income for the year ended December 31, 2024, was $700 million. . The income tax rate is 25%. Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2019. The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share. During 2024, the market price of the common shares averaged $70 per share. In 2020, $50.0 million of 8% bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2024. (Shares for stock options and conversion of convertible securities have been adjusted for any stock split or stock dividend.) Note: Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Basic Diluted Numerator Denominator + = Earnings per Share
Expert Answer:
Answer rating: 100% (QA)
To calculate Berclair Incorporateds basic and diluted earnings per share for the year ended December ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Assessment Task 2: Portfolio - Conduct Auctions (CPPREP4161, CPPREP4162, CPPREP4163) Overview and Instructions 1. Upload:Auction site image 1 - this should show a suitable area set up for a public...
-
The total flux through the faces of the cube with side of length a, if a charge q is placed at corner A of the cube is- 9 (a) 8E0 9 (b) 40 O 9 &0 9 (d) 10%
-
This is a balanced approach to managing a companies IT organization. Centralization Decentralization Federalism Joint - Control Business Centricity
-
In Problem 3.67 on page 135, you were introduced to a tea-bag-filling operation. An important quality characteristic of interest for this process is the weight of the tea in the individual bags. The...
-
What is moral hazard? How did the fixed-rate deposit insurance program of the FDIC contribute to the moral hazard problem of the savings association industry? What other changes in the savings...
-
Sphalerite is a zinc sulfide (ZnS) mineral and an important commercial source of zinc metal. The first step in the processing of the ore consists of heating the sulfide with oxygen to give zinc...
-
Core Petroleum started its oil and gas exploration and production business in 2015. During the years 2015 and 2016, the company provided the following information relating to leases located both in...
-
Discuss the impact, both positive and negative, of termination on the project team members. How might the negative impact be lessened?
-
Statistics grades: In a statistics class of 40 students, there were 12 men and 28 women. Two of the men and three of the women received an A in the course. A student is chosen at random from the...
-
Find the value of c: x^(2)+10x=5(c+4x)
-
Provide support to a colleague by Present strategies and resources for the identified areas of need for the teacher to use with the whole group, small groups, and individual students in their...
-
Operating activities resulted in EBITDA of $500,000. Depreciation for the year was $42,000. Interest paid on loans was $24,000, and principal was $20,000. Hotel has a 35% income tax rate. EBITDA...
-
In excel, data consolidation is merging or combining two or more sheets to put some or all of the data onto one sheet. This can be a convenient way to have all data on one sheet for quick analyzing...
-
1. Compare and contrast Inductive and Deductive Research. 2. Leading organizations such as Amazon and Netflix have heavily invested in big data and data analytics. Conduct research to identify a...
-
Provide a brief description of a situation where you demonstrated the core competency you selected. Indicate which stage of the competency your example demonstrates (emerging, evolving, leading,...
-
In the United States, freedom of the press is protected by a . the Freedom of the Press Act of 1 7 9 0 . b . the Declaration of Independence. c . Article I of the Constitution. d . the First...
-
Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts receivable. She presents you with the following information for October 2019:...
-
How can a buyer be protected against any hidden liabilities and debts that the target may have?
-
What is the purpose of representations and warranties? What are the limits of such clauses?
-
What is the logical result of a successful hostile buy-up of shares on the market?
Study smarter with the SolutionInn App