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help! Pharoah Corporation has net income for the vear of $423,780 and a weighted averagenumber of common shares outstanding durins the period of 100,700 shares.
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Pharoah Corporation has net income for the vear of $423,780 and a weighted averagenumber of common shares outstanding durins the period of 100,700 shares. The company has two convertibte debenture bond issues cutstanding Orie is a 685 issue sold at 100 (total $1 milliont in a prior year and convertible into 20, 100 common shares, The other is a 10% issuesold at 100 (total $500,000 ) on April 1 of the current year and convertible into 35,700 common shares. The tax rate is 30%. Calculate basic earnirgs per share and difuted earnings per share and show how they would be presented in the financial statements. (Round camings per share onswers to 2 declmat places, e. 15.25 ) Net income for the vear Carnings pershare: Baskearningsper share 5 Diluted earnings per share 5 Step by Step Solution
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