Question
Mirrlees Corp. has 10,000 6% bonds convertible into 44 shares per $1,000 bond. Mirrlees has 640,000 outstanding shares. Mirrlees has a tax rate of 45%.
Mirrlees Corp. has 10,000 6% bonds convertible into 44 shares per $1,000 bond. Mirrlees has 640,000 outstanding shares. Mirrlees has a tax rate of 45%. The average Aa bond yield at time of issue was 10%. Compute basic earnings per share if after-tax earnings are $760,000
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Accounting
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
11th Edition
9780730382737, 9780730382737
