The following information relates to Willowdale Ltd.'s financial statements for the year ended 31 December 20X6:...
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The following information relates to Willowdale Ltd.'s financial statements for the year ended 31 December 20X6: a. On 1 January 20X6, Willowdale's capital structure consisted of the following: . 468,000 common shares, issued for $5.84 million, were outstanding. 68,000 preferred shares bearing cumulative dividend rights of $23 per year. $1.18 million (par value) of 5% convertible bonds ($1,000 face value), with interest payable on 30 June and 31 December of each year. Each $1,000 bond is convertible into 50 common shares, at the option of the holder, at any time before 31 December 20X11. Interest expensed on the convertible bonds was $89,000. . . . Outstanding options for 59,000 common shares at a price of $23 per share. The average market value of common shares during the period was $20. b. On 30 September 20X6, Willowdale issued an additional 118,000 common shares for $1.68 million cash. c. Willowdale reported earnings of $3.30 million for the year ended 31 December 20X6 net of tax of 25% Required: Calculate the basic and diluted earnings per share figures for 20X6. (Round your answers to 2 decimal places.) Basic earnings per share Diluted earnings per share $ S 20x6 2.95 2.45 The following information relates to Willowdale Ltd.'s financial statements for the year ended 31 December 20X6: a. On 1 January 20X6, Willowdale's capital structure consisted of the following: . 468,000 common shares, issued for $5.84 million, were outstanding. 68,000 preferred shares bearing cumulative dividend rights of $23 per year. $1.18 million (par value) of 5% convertible bonds ($1,000 face value), with interest payable on 30 June and 31 December of each year. Each $1,000 bond is convertible into 50 common shares, at the option of the holder, at any time before 31 December 20X11. Interest expensed on the convertible bonds was $89,000. . . . Outstanding options for 59,000 common shares at a price of $23 per share. The average market value of common shares during the period was $20. b. On 30 September 20X6, Willowdale issued an additional 118,000 common shares for $1.68 million cash. c. Willowdale reported earnings of $3.30 million for the year ended 31 December 20X6 net of tax of 25% Required: Calculate the basic and diluted earnings per share figures for 20X6. (Round your answers to 2 decimal places.) Basic earnings per share Diluted earnings per share $ S 20x6 2.95 2.45
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Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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