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i have the answer i just needd help with the derivations for # 118 Lemer Co. had 200,000 shares of common stock, 20,000 shares of
i have the answer i just needd help with the derivations for # 118
Lemer Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock. and $1, 500,000 of 10% convertible bonds outstanding during 201 preferred stock is convertible into 40,000 shares of common stock. During 2013, Lemer paid dividends of $1.35 per share on the common stock and s4.50 per share on the preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. The net income for 2013 was $900,000 and the income tax rate was 30%. Basic earnings per share for 2013 is (rounded to the nearest penny) $3.32 $3.63. $3.76. $4.05. Diluted earnings per share for 2013 is (rounded to the nearest penny) $3.21. $3.37. $3.53 $3.69Step by Step Solution
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