Problem 16-5 Amy Dyken, controller at Shamrock Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Shamrock's financial statements. Below is selected financial information for the fiscal year ended June 30, 2017. SHAMROCK PHARMACEUTICAL INDUSTRIES SELECTED BALANCE SHEET INFORMATION JUNE 30, 2017 Long-term debt $1,010,000 Notes payable, 9% 5,070,000 7% convertible bonds payable 6,120,000 9% bonds payable $12,200,000 Total long-term debt Shareholders' equity Preferred stock, 5% cumulative, $50 par value, 104,000 shares authorized, 26,000 shares issued and outstanding $1,300,000 Common stock, $1 par, 9,900,000 shares authorized, 990,000 shares issued and outstanding 990,000 4,010,000 Additional paid-in capital 5,950,000 Retained earnings Total shareholders' equity $12,250,000