In $2022,$ Blossom Ltd$.$ issued $$40,000$ of $7\%$ bonds at par, with each $$1,000$ bond being convertible into $100$ common shares. The

company had revenues of $$70,000$ and expenses of $$35,000$ for $2023,$ not including interest and tax. $($Assume a tax rate of $20\%.)$

Throughout $2023,1,000$ common shares were outstanding, and none of the bonds were converted or redeemed. $($For simplicity,

assume that the convertible bonds' equity element is not recorded.$)$

Your answer is correct.

Calculate income available to common shareholders.

Income available to common shareholders

$

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Calculate diluted earnings per share for the year ended December $31,2023.$ For simplicity, ignore the requirement to record the

bonds' debt and equity components separately. The bonds are assumed to be converted for the entire year. $($Round answer to $2$

decimal places, e$.$g$.15\mathrm{.}25.)$

Diluted earnings per share

$