The following information is taken from the financial statements of TANTA Corporation for the year ended...

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The following information is taken from the financial statements of TANTA Corporation for the year ended 12/31/2021: Common Stock: Outstanding since 1/1/2021 Issued 2/28/2021, 400,000 shares 36,000 shares 9/1/2021 Retired Shares of the common stock: (9,000) shares Preferred stock: 40,000 shares ($10.00 par value) non-convertible of 8% Cumulative preferred stock outstanding since 1/1/2021. Long Term Debt: $1,000,000 of 10% interest convertible bonds. Every $1,000 bond is convertible into 50 common shares and was issued in 2019. Other Information: .A 10% stock dividend was declared and distributes on July 1, 2021. . Net income after tax for 2021 was $900,000. Tax rate is 25%. Required: Calculate: A. Basic Earnings Per share B. Diluted Earnings Per share The following information is taken from the financial statements of TANTA Corporation for the year ended 12/31/2021: Common Stock: Outstanding since 1/1/2021 Issued 2/28/2021, 400,000 shares 36,000 shares 9/1/2021 Retired Shares of the common stock: (9,000) shares Preferred stock: 40,000 shares ($10.00 par value) non-convertible of 8% Cumulative preferred stock outstanding since 1/1/2021. Long Term Debt: $1,000,000 of 10% interest convertible bonds. Every $1,000 bond is convertible into 50 common shares and was issued in 2019. Other Information: .A 10% stock dividend was declared and distributes on July 1, 2021. . Net income after tax for 2021 was $900,000. Tax rate is 25%. Required: Calculate: A. Basic Earnings Per share B. Diluted Earnings Per share

Answer rating: 100% (QA)

Answer A Basic Earnings Per Share EPS To calculate the Basic Earnings Per Share we need to determine ... View the full answer