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Accounting help!! Thank you! Requirements a. Based on the information provided, compute basic and diluted earnings per share for the current year. Include all computations
Accounting help!! Thank you!
Requirements a. Based on the information provided, compute basic and diluted earnings per share for the current year. Include all computations related to the application of antidilution sequencing if needed. b. Prepare the required income statement disclosures beginning with loss from continuing operations. Print Done X i Partial Income Statement Partial Income Statement Current Year Loss from Continuing Operations, net of tax $ (1,250,190) 3,034,040 Discontinued Operations-Income, net of tax $ 1,783,850 Net Income Print Done Partial balance sheet Current Year $8,119,000 Partial Balance Sheet Liabilities: 7% Convertible Debt - issued at $1,000 par(1) Stockholders' Equity: Common Stock, no par (1,043,000 shares issued and outstanding)(2) $2 Convertible Preferred Stock, $100 par value (42,300 shares issued and outstanding)(3) Additional Paid-in Capital - Stock Options (employee options to acquire 639,765 shares)(4) $5,260,000 4,230,000 (1,923,500) Footnotes to the Balance Sheet: (1) Each bond is convertible into 89 shares of common stock. The bonds are outstanding all year. (2) The number of shares issued and outstanding did not change throughout the year. (3) Each preferred share is convertible into seven shares of common stock. The firm declared preferred dividends. The preferred stock was outstanding all year. (4) The options are exercisable at $10 per share and the average market price of the company's stock for the year is $63. The options were outstanding all year. Print Done Requirement a. Based on the information provided, compute basic and diluted earnings per share (EPS) for the current year. Include all computations related to the application of antidilution sequencing, if needed. Begin by calculating the incremental income per share on each of the potentially dilutive securities and ranking their order of entry into the EPS computation. (Complete all answer boxes. Enter a "0" for any zero balances. Round the increase in income amounts to the nearest dollar. Round the incremental income per share amounts to the nearest cent, $X.XX.) Increase in the Incremental Increase Number of Income per Rank Order of Entry into the EPS Computation Potentially Dilutive Security in Income Common Shares Share Convertible debt Convertible preferred stock Employee options Choose from any list or enter any number in the input fields and then click CheckStep by Step Solution
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