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In 2 0 2 2 , Cullumber Ltd . issued $ 5 9 , 0 0 0 of 1 0 % bonds at par, with

In 2022, Cullumber Ltd. issued $59,000 of 10% bonds at par, with each $1,000 bond being convertible into 100 common shares. The
company had revenues of $74,200 and expenses of $42,400 for 2023, not including interest and tax. (Assume a tax rate of 25%.)
Throughout 2023,1,600 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.)
(a)
Calculate income available to common shareholders.
Income available to common shareholders
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