Woolery, Inc. had 50,000 shares of common stock outstanding at January 1, 2021. On March 31. 2021, an additional 12,000 shares were sold for cash. Woolery also had $4,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock. Net income for the year was $350,000. The tax rate is 25%.

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