Question 61 At December 31, 2016, the financial statements of Hollingsworth Industries included the following: Net income for 2016 $560 million Bonds payable, 10%, convertible into 36 million shares of common stock $300 million Common stock Shares outstanding on January 1 400 million Treasury shares purchased for cash on September 1 30 million Additional data: The bonds payable were issued at par in 2014. The tax rate for 2016 was 40%. Required: ompute basic and diluted EPS for the year ended December 31, 2016. Question 61 At December 31, 2016, the financial statements of Hollingsworth Industries included the following: Net income for 2016 $560 million Bonds payable, 10%, convertible into 36 million shares of common stock $300 million Common stock Shares outstanding on January 1 400 million Treasury shares purchased for cash on September 1 30 million Additional data: The bonds payable were issued at par in 2014. The tax rate for 2016 was 40%. Required: ompute basic and diluted EPS for the year ended December 31, 2016