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Amess net income for the year ended december 31 2013 is

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Reference no: EM13568607

Information from the financial statements of Ames Fabricators, Inc., included the following:


 December 31




2013

2012
Common shares
100,000

100,000
Convertible preferred shares
(convertible into 32,000 shares of common)
12,000

12,000

10% convertible bonds

(convertible into 30,000 shares of common)

 $ 1,000,000
$ 1,000,000

Ames's net income for the year ended December 31, 2013, is $500,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2013.
Required:

Compute basic and diluted earnings per share for the year ended December 31, 2013.

Reference no: EM13568607

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