On 1 January 20x8, ABC Corp. the capital structure consisted of the following:

460,000 common shares, issued for $5.80 million, were outstanding. 60,000 preferred shares bearing cumulative dividend rights of $15 per year. $1.10 million (par value) of 6% convertible bonds ($1,000 face value), with interest payable on 30 June and 31 December of each year. Each $1,000 bond is convertible into 50 common shares, at the option of the holder, at any time before 31 December 20X11. Interest expensed on the convertible bonds was $85,000. Outstanding options for 55,000 common shares at a price of $25 per share. The average market value of common shares during the period was $15.

On 30 September 20X6, DEF Inc. issued an additional 110,000 common shares for $1.60 million cash.

ABC Corp. reported earnings of $2.50 million for the year ended 31 December 20X6 net of tax of 35%.

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