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KNOCKOUT BOARD HW PROBLEM NET INC = 5 0 , 0 0 0 ; COMM STK = 1 , 0 0 0 SHARES PREF STK

KNOCKOUT BOARD HW PROBLEM
NET INC=50,000; COMM STK=1,000 SHARES
PREF STK=1,000 SHARES, $6, CUMULATIVE
THE PREF STK IS CONVERTIBLE ITO 3 SH COMM FOR EACH SH PREFERRRED
B/P=,8,000 PAR, 10%. ISSUED OCT 1ST
CONVERTIBLE INTO 700 SH COMM
TAX RATE=.40
WE MUST ISSUE 2,000 NEW SHARES IF IN 2030 WE EARN 45,000 NET INCOME.
FIND BASIC AND DILUTED EPS

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