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Intermediate Accounting 1/I (AC 221/222) Gradebook ORION Downloadable eTextbook nment Exercise 16-23 Your answer is partially correct. Try again. On June 1, 2015, Whispering Company and Metlock Company merged to form Bonita Inc. A total of 752,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2017, the company issued an additional 562,000 shares of stock for cash. All 1,314,000 shares were outstanding on December 31, 2017 Bonita Inc also issued $600,000 of 20-year, 7% convertible bonds at par on July 1, 2017 Each $1,000 bond converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Bonita Inc. is preparing ts annual report for the fical vear ending December 31, 2017. The amual report wil how earmings per share figures income of $1,614,000. (The tax rate is 40%.) Determine the following for 2017. (a) The number of shares to be used for calculating: (Round answers to o decimal places, e.g. $2.50o.) (1) Basic earnings per share (2) Diluted earnings per share 1186700 shares (b) The earnings figures to be used for calculating: (Round answers to 0 decimal places, e.g. $2,50o.) (1) Basic earnings per share 1173500 shares 1614 l Macounting 1/1I (AC 221/ ment CAL Bonita Inc. also issued $600,000 of 20-year, 7% convertible bonds at par on bonds have been converted to date. h y 1, 2017. Each $1,000 bond converts to 44 shares of corm on at any internet datn None of h Bonita Inc. is preparing its annual report for the fiscal year ending December 31, 2017. The annual report will show earmings per share figures based upon a reported aftor tax net income of $1,614,000. (The tax rate is 40%.) Determine the following for 2017 (a) The number of shares to be used for calculating: (Round answers to 0 decimal places, e.g.$2,500.) (1) Basic earnings per share (2) Diluted earnings per share1 1173500 shares 1186700 shares (b) The earnings figures to be used for calculating: (Round answers to o decimal places, e o $2,500.) (1) Basic earnings per share 161400 (2) Diluted earnings per share 16257 VIDEO: SIMILAR EXERCISE LINK TO TEXT SAVE FOR LATER SUSNIT ANSWE Question Attempts: 1 of 3 used 1-15P