01)In 2022, Oriole Ltd. issued $42,000 of 9% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $75,500 and expenses of $43,700 for 2023, not including interest and tax. (Assume a tax rate of 20%.) Throughout 2023, 1,100 common shares were outstanding, and none of the bonds were converted or redeemed. (For simplicity, assume that the convertible bonds equity element is not recorded.)

Calculate income available to common shareholders.

a) Income available to common shareholders:

b) Calculate diluted earnings per share for the year ended December 31, 2023. For simplicity, ignore the requirement to record the bonds debt and equity components separately. The bonds are assumed to be converted for the entire year. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share:

c) Assume that the 54 bonds were issued on October 1, 2023 (rather than in 2022), and that none have been converted or redeemed. Calculate diluted earnings per share for the year ended December 31, 2023. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share:

d) Assume that 9 of the 54 bonds were converted on July 1, 2023. Calculate diluted earnings per share for the year ended December 31, 2023. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share:

02)The outstanding share capital of Bridgeport Corporation consists of 3,245 shares of preferred and 5900 common shares for which $265,500 was received. The preferred shares carry a dividend of $7 per share and have a $100 stated value.

a)Assuming that the company has retained earnings of $103570 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are cumulative and non-participating. (Round answers to 0 decimal places, e.g. 5,275.) PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

b)Assuming that the company has retained earnings of $103570 that is to be entirely paid out in dividends and that preferred dividends were not paid during the 2 years preceding the current year, state how much each class of shares should receive if the preferred shares are cumulative and participating. (Round answers to 0 decimal places, e.g. 5,275.) PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

c) Assume that Bridgeports current year net income was $103570. Calculate the current year payout ratio under each of the conditions below. (Round answers to 2 decimal places, e.g. 52.75.)PLEASE SHOW CLEAR WORKINGS HOW THE ANSWER IS DERIVED. NEED FULL WORKINGS

1)The preferred shares are non-cumulative and non-participating.

2)The preferred shares are cumulative and non-participating

3)The preferred shares are cumulative and participating.