MacDonald Corp. had the following securities outstanding at its year-end 31 December 20X7:

Long-term debt:

Notes payable, 14% ($4,500,000)

8% convertible debentures, par value $2,500,000, net of discount ($2,410,000)

9.5% convertible debentures, par value $2,500,000, net of discount ($2,452,000)

Equity:

Preferred shares, $5 dividend, payable as $1.25 per quarter, no-par, cumulative convertible shares; authorized, 100,000 shares; issued, 30,000 shares ($4,700,000)

Common shares, no-par; authorized, 5,000,000 shares; issued, 600,000 shares ($2,000,000)

Common share conversion rights ($189,000)

Additional information:

1. 20X7 net earnings were $790,000. There were no discontinued operations.
2. Interest expense was $216,000 on the 8% debentures, and $250,000 on the 9.5% debentures.
3. Options to purchase 200,000 common shares at $11 per share beginning in 20X5 were outstanding throughout the year.
4. Additional options were issued on 1 May 20X7 to purchase 50,000 common shares at $27 per share in 20X9. The price per share becomes $27 in 20X0 and $25 in 20X1. These options expire at the end of 20X1.
5. The preferred shares are convertible into common shares at a rate of 9-for-1. They were issued on 1 October 20X7.
6. The 8% convertible debentures are convertible at the rate of seven shares for each $100 bond. The 9.5% convertible debentures are convertible at the rate of six shares for each $100 bond.
7. The tax rate is 30%; common shares traded for an average of $40 during the year.
8. No common shares were issued or retired during the year.

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