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On January 2, 2021, Sheridan Company issued at par $296000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares. No bonds were
On January 2, 2021, Sheridan Company issued at par $296000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares. No bonds were converted during 2021. Sheridan had 109000 shares of common stock outstanding during 2021. Sheridan's 2021 net income was $153000 and the income tax rate was 25%. Sheridan's diluted earnings per share for 2021 would be (rounded to the nearest penny) O $1.35. O $1.31. $1.40. O $1.20
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