In 2022, Buffalo Enterprises issued, at par, 75 1,000, 8% bonds, each convertible into 100 ordinary shares. The liability component of convertible bonds was 950 per bond, based on a market rate of interest of 10%. Buffalo had revenues of 18,800 and expenses other than interest and taxes of 10,000 for 2023. (Assume that the tax rate is 40%.) Throughout 2023, 1,700 ordinary shares were outstanding; none of the bonds was converted or redeemed. (a) Compute diluted earnings per share for 2023. (Round answer to 2 decimal places, e.g. 2.55.)

Earnings per share

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(b) Assume the same facts as those assumed for part (a), except that the 75 bonds were issued on September 1, 2023 (rather than in 2022), and none have been converted or redeemed. Compute diluted earnings per share for 2023. (Round answer to 2 decimal places, e.g. 2.55.)

Earnings per share

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(c) Assume the same facts as assumed for part (a), except that 25 of the 75 bonds were actually converted on July 1, 2023. Compute diluted earnings per share for 2023. (Round answer to 2 decimal places, e.g. 2.55.)

Earnings per share

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Bramble SA has outstanding 2,000 1,000 bonds, each convertible into 70 shares of 10 par value ordinary shares. The bonds are converted on December 31, 2022. The bonds payable have a carrying value of 1,950,000, and there is conversion equity of 22,000.

Record the conversion using the book value method. (