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At December 31, 2018, the financial statements of Hollingsworth Industries included the following: Net income for 2018 $ 620 million Bonds payable, 10%, convertible into
At December 31, 2018, the financial statements of Hollingsworth Industries included the following:
Net income for 2018 | $ | 620 | million |
Bonds payable, 10%, convertible into 50 million shares of common stock | $ | 500 | million |
Common stock: | |||
Shares outstanding on January 1 | 600 | million | |
Treasury shares purchased for cash on September 1 | 36 | million | |
Additional data: The bonds payable were issued at par in 2016. The tax rate for 2018 was 40%.
Required: Compute basic and diluted EPS for the year ended December 31, 2018.(Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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