On January 1, 2011 APPLE had 120000 shares, On April 1, 2011 APPLE sold 45000 shares, on July 1, 2011 apple makes a 2:1 stock split on Dec 1, 2011 apple distribute 0.15 stock dividend, Net income for 2011 was $2000000. The tax rate was 35%. In addition, Apple had the following debt and equity securities on its books on December 31, 2011: a. 15000 shares of $100 par, 0.18 cumulative preferred stock b. 4300 bond of 0.12 interest, Each bond is converted into 40 shares of common stock. Face value $1000 6.35000 shares of $100 par, $1.2 cumulative preferred stock. par $100. Each share of preferred stock is convertible into 5 shares of common stock On January 1, 2011 APPLE had 120000 shares, On April 1, 2011 APPLE sold 45000 shares, on July 1, 2011 apple makes a 2:1 stock split on Dec 1, 2011 apple distribute 0.15 stock dividend, Net income for 2011 was $2000000. The tax rate was 35%. In addition, Apple had the following debt and equity securities on its books on December 31, 2011: a. 15000 shares of $100 par, 0.18 cumulative preferred stock b. 4300 bond of 0.12 interest, Each bond is converted into 40 shares of common stock. Face value $1000 6.35000 shares of $100 par, $1.2 cumulative preferred stock. par $100. Each share of preferred stock is convertible into 5 shares of common stock