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On January 1, 2019, Bonita issued 10-year, $300,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Bonita $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.)

(a)

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Prepare the journal entry Bonita would have made on January 1, 2019, to record the issuance of the bonds. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31, 2019

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(b)

Bonitas net income in 2020 was $25,000 and was $23,000 in 2019. Compute basic and diluted earnings per share for Bonita for 2020 and 2019. (Round answers to 2 decimal places, e.g. 52.75.)

		2020		2019
Basic earning per share		$		$
Diluted earning per share		$		$