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Follow the format and answer question fully with a step by step explanation The following data are available for Bay State Corporation for 2024: Net
Follow the format and answer question fully with a step by step explanation
The following data are available for Bay State Corporation for 2024: Net Income for 2024 $5,200,000 Transactions in common shares Jan 1, 2024, Beginning number Apr 1, 2024, Issuance of additional common shares July 1, 2024, 10\% stock dividend declared and issued Nov 1, 2024, Purchase of treasury shares 9\% Cumulative Convertible Preferred Stock Sold at par, convertible into 450,000 shares of common 10\% Cumulative Preferred Stock Stock Options Options A: Stock options to buy 160,000 common shares at $60 per share. Options B: Stock options to buy 130,000 common shares at $95 per share. Average market price in 2024, $80 Number 2,400,000 shares 240,000 shares 480,000 shares $10,000,000 $2,000,000 8%convertiblebonds Bay State issued $8,000,000 of 8% convertible bonds at face value during 2017. These bonds were outstanding during 2024 and are convertible in the next 5 years. Each of the $1,000 bonds is convertible into 40 shares of common stock. The company's tax rate is 30%. Required Compute basic and diluted earnings per share for 2024 in accordance with GAAP. The dilutive securities have been adjusted for the effects of stock dividendsStep by Step Solution
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