Exercise 16-24

The Concord Corporation issued 10-year, $4,080,000par,7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is13:1, and in 2 years it will increase to20:1. At the date of issue, the bonds were sold at98. Bond discount is amortized on a straight-line basis. Concord's effective tax was35%. Net income in 2017 was $10,950,000, and the company had1,830,000shares outstanding during the entire year.

(a)Compute both basic and diluted earnings per share.(Round answers to 2 decimal places, e.g. $2.55.)

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CALCULATOR PRINTER VERSION 1 BACK NEXT Exercise 16-24 The Concord Corporation issued 10-year, $4,080,000 par, 7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in 2 years it will increase to 20:1. At the date of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Concord's effective tax was 35%. Net income in 2017 was $10,950,000, and the company had 1,830,000 shares outstanding during the entire year. (a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.) ic earnings per share $ Diluted earnings per share Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER search O 9 Iwasmy 6:30 PM 6/7/2020