Item4 25points eBook Print References Check my workCheck My Work button is now enabled Item4 Item 4 25 points At January 1, 2018, Canaday Corporation had outstanding the following securities 610 million common shares 25 million 6 cumulative preferred shares, $50 par 8 convertible bonds, $2,500 million face amount, convertible into 60 million common shares The following additional information is available On September 1, 2018, Canaday sold 72 million additional shares of common stock Incentive stock options to purchase 50 million shares of common stock after July 1, 2017, at $10 per share were outstanding at the beginning and end of 2018 The average market price of Canadays common stock was $20 per share during 2018 Canaday's net income for the year ended December 31, 2018, was $1,480 million The effective income tax rate was 40 Required 1 2 Calculate basic and the diluted earnings per common share for the year ended December 31, 2018 (Enter your answers in millions (i e , 10,000,000 should be entered as 10) ) Numerator Denominator Earnings per share Basic Diluted

The Answer is in the image, click to view ...

Question: Item4 25points eBook Print References Check my workCheck My Work button is now enabled Item4 Item 4 25 points At January 1, 2018, Canaday Corporation

Item4

25points

eBook

References

Check my workCheck My Work button is now enabled

Item4

Item 4 25 points

At January 1, 2018, Canaday Corporation had outstanding the following securities: 610 million common shares 25 million 6% cumulative preferred shares, $50 par 8% convertible bonds, $2,500 million face amount, convertible into 60 million common shares The following additional information is available:

On September 1, 2018, Canaday sold 72 million additional shares of common stock.
Incentive stock options to purchase 50 million shares of common stock after July 1, 2017, at $10 per share were outstanding at the beginning and end of 2018. The average market price of Canadays common stock was $20 per share during 2018.
Canaday's net income for the year ended December 31, 2018, was $1,480 million. The effective income tax rate was 40%.

Required: 1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2018. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

	Numerator	/	Denominator	=	Earnings per share
Basic		/		=
Diluted		/		=

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

QUESTION (20 Marks) Muggic Pvt has an opportunity to develop new technology in its area of interest. It is forecasted that within four (4) years of introduction, other innovations will render the...

Item4 25points eBook Print References Check my workCheck My Work button is now enabled Item4 Item 4 25 points Carbex, Inc., produces cutlery sets out of high-quality wood and steel. The company makes...

Bergamo Bay's computer system generated the following trial balance on December 31, 2017. The companys manager knows something is wrong with the trial balance because it does not show any balance for...

Skip to main content Wk. 1 Assignment - Ch. 3 AnswerSaved Help opens in a new windowSave & ExitSubmit Item4 25points eBookHint Print References Check my workCheck My Work button is now enabled Item 4...

2.5points eBook Print References Check my workCheck My Work button is now enabled Item 2 Item 2 2.5 points All of the accounts of the Grass is Greener Company have been adjusted as of December 31,...

Item1 25points eBook Print References Check my workCheck My Work button is now enabled Item 1 Item 1 25 points National Supply's shareholders' equity included the following accounts at December 31,...

2.5points eBook Print References Check my workCheck My Work button is now enabled Item 8 Item 8 2.5 points Executive Jets, LLC operates a charter flight-service company in the northwestern United...

On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,527,400 in cash. The price paid was proportionate to Sellingers total fair value, although...

Skip to main content Chapter 2 Homework (required) AnswerSaved Help opens in a new windowSave & ExitSubmit Item4 Part 2 of 3 20points eBook Print References Check my workCheck My Work button is now...

points eBook Print References Check my workCheck My Work button is now enabled Item 3 Item 3 9.09 points Problem 3-16 (LO 3-6) Francisco Inc. acquired 100 percent of the voting shares of Beltran...

Skip to main content CONNECT CP5-1 Other Governmental Funds AnswerSaved Help opens in a new windowSave & ExitSubmit Item1 50points eBook Print References Check my workCheck My Work button is now...

Zambia is an increasingly important market for pet food and has become a key source of sales expansion for dog and cat food manufacturers in recent years. This has been driven by growing disposable...

Record the following transactions in the expanded accounting equation. The running balance may be omitted for simplicity. a. B. Bell invested $60,000 in Bells Computer Company. b. Bought computer...

QUESTION 9 How does the lack of global accounting standards affect U . S . - based companies? Using standards in countries where they do business allows for greater opportunity in the internation...

1-1 How are information systems transforming business, and why are they so essential for running and managing a business today?

As stated in the case, Therese strongly believes that the changes she was seeking for women in the workplace, were the dual responsibility of organizations and women themselves. Critically evaluate...

Research provides evidence that organisations that invest in Diversity and Inclusion are more innovative in the long run and outperform organisations that do not. Critically evaluate the...