To solve the problem shown below, and to possibly earn a maximum credit,you must use the following formulas first:

To solve the problem shown below, and to possibly earn a maximum credit, you must use the following formulas first: $_A Net income formula = $1,100,000 + $5,000 X 3: 1115000 B Number of common shares outstanding on January 1, 2017 formula = 200,000 + 5,000 X 3: 215000 C_% Tax rate formula = 30% + 1% X 3: 0.33 D Number of common stockshares each $1,000 bond converts into = 15 + 2 X 3: 21 Styx Corp had $_A net income in 2017. On January 1, 2017, there were shares of common stock outstanding. On April 1, 36,000 shares were issued and on September 1, Styx bought 42,000 shares of treasury stock. There are 25,000 options to buy common stock at $32 a share outstanding. The market price of the common stock averaged $40 during 2017. The tax rate is C_%. During 2017, there were 30,000 shares of convertible preferred stock outstanding. The preferred stock is $100 par, pays $2.50 a year dividend, and is convertible into two shares of common stock. Styx issued $3,000,000 of 7% convertible bonds at face value during 2016. Each $1,000 bond is convertible into Q shares of common stock. Compute diluted earnings per share for 2017. Complete the schedule M show your calculations. Adjusted Shares Adjustment Adjusted EPS Security Net income Adjustment net income shares Adjustment Adjusted net income he number of words in the document. Click or =p to Open the Word Count dialog box