The Swirlie Company had net income for 2018 of $300,000. There is a $1,000,000 beginning balance of $100 par, 8% cumulative preferred stock. No...

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The Swirlie Company had net income for 2018 of $300,000.There is a $1,000,000 beginning balance of $100 par, 8% cumulative preferred stock. No dividends are in arrears. In addition, there is $1,000,000 in 6% convertible bonds outstanding during the year. Each $1,000 bond is convertible into 2 shares of common stock. Swirlie's effective tax rate is 20%.Beginning balance in retained earnings is $400,000Beginning of the year outstanding common stock shares                         100,000Par value is $10Issued additional shares common stock March 1st                                    10,000Received $12 per sharePurchased shares of treasury stock on September 1                               5,000Paid $75,000Issued 2 for 1 stock split on October 17thRequired: What is diluted earnings per share for the year? Give numbers only. Use this format only. 9.99

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The Swirlie Company had net income for 2018 of $300,000. There is a $1,000,000 beginning balance of $100 par, 8% cumulative preferred stock. No...

  • Written in: 17-Oct-2019
  • Paper ID: 390346
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Oct 17, 2019

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