At December 31, Y3, Mastiff Inc. had 6,000,000 common shares outstanding. An additional 1,000,000 common shares were issued on April 1, Y4, and 500,000 more on July 1, Y4. On October 1, Y4, Mastiff issued 25,000, $1,000 par value, 8% convertible bonds. Each bond is convertible into 20 common shares. No bonds were converted in Y4. What is the number of shares to be used in calculating Y4 basic earnings per share and diluted earnings per share, respectively?

Answer rating: 100% (QA)

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