Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At December 31, 2024, Blossom Company had 800000 shares of common stock outstanding. On October 1, 2025, an additional 155000 shares of common stock were

image text in transcribed At December 31, 2024, Blossom Company had 800000 shares of common stock outstanding. On October 1, 2025, an additional 155000 shares of common stock were issued. In addition, Blossom had $10600000 of 5% convertible bonds outstanding at December 31,2024 , which are convertible into 355000 shares of common stock. No bonds were converted into common stock in 2025 . The net income for the year ended December 31, 2025, was $2494000. Assuming an income tax rate of 30%, diluted earnings per share for the year ended December 31, 2025 is $2.09. $3.42. $2.40. $2.53

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jan R. Williams, Susan F. Haka, Mark S. Bettner, Joseph V. Carcello

12th Edition

0071116796, 978-0071116794

More Books

Students also viewed these Accounting questions