(P16-8 )

The information below pertains to Barkley Company for 2018.

Net income for the year 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into 30 shares of common stock 6% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock Common stock, $10 par value Tax rate for 2018 Average market price of common stock $1,200,000 2,000,000 4,000,000 6,000,000 40% $25 per share

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