Metlock Corporation had net income for the current fiscal year of $ 952, 200, and common shares outstanding of 92,000. There were no changes to Metlock's common shares during the year.Metlock also had outstanding a $1,000,000,9 % bond sold in a previous year that was convertible to 82,000 common shares. In addition, Metlock sold a new bond on October 1 of the current year. The new bond was a $1,000,000, 13% bond, convertible to 76,000shares. Metlock was subject to a tax rate of 27 %. Calculate diluted earnings per share. (Round calculations of EPS to 3 decimal places, e.g. 3.545 and provide final answer to 2 decimal places, e.g. 15.25.) Basic EPS Sub Total Diluted EPS $ $ Numerator Denominator EPS 101
Metlock Corporation had net income for the current fiscal year of $ 952, 200, and common shares outstanding of 92,000. There were no changes to Metlock's common shares during the year.Metlock also had outstanding a $1,000,000,9 % bond sold in a previous year that was convertible to 82,000 common shares. In addition, Metlock sold a new bond on October 1 of the current year. The new bond was a $1,000,000, 13% bond, convertible to 76,000shares. Metlock was subject to a tax rate of 27 %. Calculate diluted earnings per share. (Round calculations of EPS to 3 decimal places, e.g. 3.545 and provide final answer to 2 decimal places, e.g. 15.25.) Basic EPS Sub Total Diluted EPS $ $ Numerator Denominator EPS 101
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 7MCQ
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![Metlock Corporation had net income for the current fiscal year of $
952, 200, and common shares outstanding of 92,000. There were
no changes to Metlock's common shares during the year.Metlock
also had outstanding a $1,000,000,9 % bond sold in a previous year
that was convertible to 82,000 common shares. In addition, Metlock
sold a new bond on October 1 of the current year. The new bond
was a $1,000,000, 13% bond, convertible to 76,000shares. Metlock
was subject to a tax rate of 27 %.
Calculate diluted earnings per share. (Round calculations of EPS to 3 decimal places, e.g. 3.545 and provide final answer to 2 decimal
places, e.g. 15.25.)
Basic EPS
Sub Total
Diluted EPS
$
$
Numerator
Denominator
$
$
EPS
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3335015c-3cad-409f-a971-27780fef05c7%2F8fc2485d-f010-4992-9a69-3f9e351d7112%2F5wg6nm_processed.png&w=3840&q=75)
Transcribed Image Text:Metlock Corporation had net income for the current fiscal year of $
952, 200, and common shares outstanding of 92,000. There were
no changes to Metlock's common shares during the year.Metlock
also had outstanding a $1,000,000,9 % bond sold in a previous year
that was convertible to 82,000 common shares. In addition, Metlock
sold a new bond on October 1 of the current year. The new bond
was a $1,000,000, 13% bond, convertible to 76,000shares. Metlock
was subject to a tax rate of 27 %.
Calculate diluted earnings per share. (Round calculations of EPS to 3 decimal places, e.g. 3.545 and provide final answer to 2 decimal
places, e.g. 15.25.)
Basic EPS
Sub Total
Diluted EPS
$
$
Numerator
Denominator
$
$
EPS
11
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