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Problem 16-5 Amy Dyken, controller at Bonita Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Bonita's financial statements. Delow is selected financial information tor the tiscal year ended June 30, 2017 BONITA PHARMACEUTICAL INDUSTRIES SELECTED BALANCE SHEET INFORMATION UNE 30, 2017 Long-term debt Notes payable, 1096 y% convertible bonds payable 10% bonds payable 51,010,000 5,090,000o 6,060,000 $12,160,000 Total long-term debt Shareholders' equity Preferred stock, 6% cumulative, $50 par value, 93,000 shares authorized, 23,250 shares issued and outstanding SL,162,500 990,000 3,930,000o 6,020,000 $12,102,500 Common stock, $1 par, 9,900,000 shares authorized, 990,000 shares issued and outstanding Additional paid-in capital Retained earnings Total shareholders' equity The following transactions have also occurred at Bonita. 1. Options were granted on July 1, 2016, to purchase 190,000 shares at $16 per share. Although no options were exercised during fiscal year 2017, the average price per common share during fiscal year 2017 was 520 per share. 2. Each hond was issued at face value. The 9%convertible bonds will convert into common stock at 50 shares per $1,000 bond. The honds are exercisable after 5 years and were issued in fiscal year 2016. 3. The preferred stock was issued in 2016