Information from the financial statements of Ames Fabricators, Inc., included the following: Amess net income for the
Question:
Information from the financial statements of Ames Fabricators, Inc., included the following:
Ames’s net income for the year ended December 31, 2024, is $500,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2024.
Required:
Compute basic and diluted earnings per share for the year ended December 31, 2024.
Transcribed Image Text:
Common shares Convertible preferred shares (convertible into 32,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) December 31 2024 100,000 12,000 2023 100,000 12,000 $1,000,000 $1,000,000
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12000 shares x 5 1000000 x 8 Order of Entry Note that we included in our calculation the convertible ...View the full answer
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