Question: i have only 20 mins please asap calculate basic earnings per share calculate dilluted earnings per share Sheridan Corporation issued $4 million of 10 -year,
Sheridan Corporation issued $4 million of 10 -year, 6% callable convertible subordinated debentures on January 2,2023 . The debentures have a face value of $1.000, with interest payable annually. The current corversion ratio is 14:1, and in two years it will increase to 19:1. At the date of issue, the bonds were sold at 100 to yield a 6% effective interest rate. The bond discount is amortized using the effective interest method. Sheridan's effective tax rate was 35%. Net income in 2023 was $7.5 million, and the company had 2 million shares outstanding during the entire year. For simplicity. ignore the requirement to record the debentures' debt and equity components separately
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