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The following information is available for Billy's Baubles Corp. that reports its financial results in accordance with IFRS. (Click the icon to view the data.)
The following information is available for Billy's Baubles Corp. that reports its financial results in accordance with IFRS. (Click the icon to view the data.) Required a. Compute Billy's basic EPS for the year ended December 31, 2021. b. Prepare a schedule that sets out the income effect, share effect, and incremental EPS for each security that is convertible into ordinary shares. Rank the potential ordinary shares by their dilutiveness. c. Compute Billy's diluted EPS for the year ended December 31, 2021. d. Show the required presentation of the EPS data on the income statement. Billy's ordinary share balances through the year follow. E: (Click the icon to view the ordinary shares issued.) Requirement a. Compute Billy's basic EPS for the year ended December 31, 2021. Begin by calculating Billy's weighted average number of ordinary shares outstanding in 2021. (Abbreviation used: WASO = Weighted average number of ordinary shares outstanding. Complete all answer boxes. Do not round until your final answers. Then round each contribution to WASO amount to the nearest whole number.) Opening balance of ordinary shares Fraction Share adjustment Contribution Data Table Period (2021) outstanding of year factor to WASO Jan. 1 - Mar. 31 Apr. 1 - Apr. 30 Net income for 2021 $ 900,000 May 1 - Nov. 30 Income tax rate during 2021 35% Dec. 1 - Dec. 31 Liabilities and equity outstanding as at December 31, 2021 4% convertible bondseach $1,000 bond is convertible into $ 1,500,000 Weighted average number of ordinary shares outstanding 20 ordinary shares 2% convertible bondseach $1,000 bond is convertible into $ 2,000,000 Ordinary Shares Issued 5 ordinary shares 3% cumulative preferred shareseach $20 preferred share $ 80,000 is convertible into 6 ordinary shares Ordinary shares Ordinary shares $ 960,000 Activity outstanding The bonds and preferred shares were outstanding for the entire year January 1, 2021 Opening balance 160.000 Dividends were not declared on the preferred shares in 2020 April 1, 2021 Sold 10,000 shares 170,000 $4,800 dividends were declared and paid on the preferred shares in 2021 May 1, 2021 Repurchased 70,000 shares 100,000 December 1, 2021 Sold 80,000 shares 180,000 Print Done
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