Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At January 1, 2021, Canaday Corporation had outstanding the following securities: 760 million common shares 20 million 6% cumulative preferred shares, $50 par 6.4%

image text in transcribed

At January 1, 2021, Canaday Corporation had outstanding the following securities: 760 million common shares 20 million 6% cumulative preferred shares, $50 par 6.4% convertible bonds, $3,000 million face amount, convertible into 90 million common shares The following additional information is available: On September 1, 2021, Canaday sold 81 million additional shares of common stock. Incentive stock options to purchase 50 million shares of common stock after July 1, 2020, at $10 per share, were outstanding at the beginning and end of 2021. The average market price of Canaday's common stock was $20 per share during 2021. Canaday's net income for the year ended December 31, 2021, was $2.194 million. The effective income tax rate was 25% Required: 1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2021. (Round "Earnings per share" answers to 2 decimal places. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Basic Diluted Numerator 1 Denominator Earnings per share

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

Step: 3

blur-text-image

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

Cornerstones of Managerial Accounting

Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

6th edition

1305103963, 978-1305548909, 1305548906, 978-1305103962

More Books

Students also viewed these Accounting questions

Question

Express 3.47 2.81j in exponential form.

Answered: 1 week ago

Question

Who is the current, rightful owner of the jacket?

Answered: 1 week ago