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Exercise 16-23 Your answer is partially correct. Try again. on une 1 2015 Sarasota Company and I anhoe Company merged to form Shamrock Inc , tata of 733 000 shares were issued to complete the merger. The new or oration reports or a calendar year basis. On April 1, 207,e company issued an additional 577,000 shares of stock for cash. All 1,310,000 shares were outstanding an December 31, 2017 Shamrork Inc. also issued $600,000 of 20 year 8% convertible bonds at par on July 1, 2017 Each $1,000 bond converts to 42 shares of rm mon at any interest date. None of the bonds have been converted to date. Shamrock Inc. is preparing its annual report or the fiscal year ending December 31, 2017. The annual report will show earnings per share figures based upon a epo ed after-tax net income of $1,475,000 The tax rate is 40%. Detemine the following for 2017 (a) The number of shares to be used for calculating: (Round answers to dcai places, e.g. $2,500.) (1) Basic earnings per share (2) Diluted earnings per share 1165750 shares 1178350 shares (b) The earnings figures to be used for calculating: (Round answers to O decimai places, e.g. $2,500.) (1) Basic carnings per share 1.27 (2) Diluted earnings per share 1.49 VIDEO: SIMILAR EX