Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Show the required presentations on the face of the income statement. (Round answers to 2 decimal places, e.g. 15.25.) Sheridan Inc. has 1.05 million common
Show the required presentations on the face of the income statement. (Round answers to 2 decimal places, e.g. 15.25.)
Sheridan Inc. has 1.05 million common shares outstanding as at January 1, 2020. On June 30, 2020.49 convertible bonds were converted into 110,000 additional shares. Up to that point, the bonds had paid interest of $300,000 after tax. Net income for the year was $1.298,988. During the year, the company issued the following: 1. June 30: 11,200 call options giving holders the right to purchase shares of the company for $30 16.200 put options allowing holders to sell shares of the company for $25 2. Sept. 30: On February 1, Sheridan also purchased in the open market 11.200 call options on its own shares, allowing it to purchase its own shares for $27. Assume the average market price for the shares during the year was $35. Your answer is correct. Calculate the required EPS numbers under IFRS. For simplicity. ignore the impact that would result from the convertible debt being a hybrid security (Round answers to 2 decimal places, eg. 15.25.) Basic EPS 1.18 $ $ Diluted EPS 1.16 Sheridan Inc. Partial Income Statement For the Year Ended December 31, 2020 Earnings Per Common Share: Basic Earnings Per Share $ $ $ Diluted Earnings Per Share $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started