Question: Shaffer Corporation issued 1 0 0 , $ 1 , 0 0 0 , 1 0 % convertible bonds in the prior year at face

Shaffer Corporation issued 100, $1,000,10% convertible bonds in the prior year at face value. Each bond is convertible into 100 shares of common stock. The companys net income for the current year is $1,824,000($2,432,000 before tax). Excluding the convertible bonds, average common shares outstanding for the year were 1,010,000.

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