Question
At December 31, 2024, the financial statements of Hollingsworth Industries included the following: Net income for 2024 $ 560 million Bonds payable, 8%, convertible into
At December 31, 2024, the financial statements of Hollingsworth Industries included the following:
| Net income for 2024 | $ 560 | million |
|---|---|---|
| Bonds payable, 8%, convertible into 36 million shares of common stock | $ 300 | million |
| Common stock: | ||
| Shares outstanding on January 1 | 400 | million |
| Treasury shares purchased for cash on September 1 | 30 | million |
Additional data:
The bonds payable were issued at par in 2022. The tax rate for 2024 was 25%.
Compute basic and diluted EPS for the year ended December 31, 2024.
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
12th Edition
978-0073526706, 9780073526706
