Reference no: EM132684815
Question - Information from the financial statements of Ames Fabricators, Inc., included the following:
December 31 2018 2017
Common shares 100,000 100,000
Convertible preferred shares (convertible into 56,000 shares of common) 26,400 26,400 10% convertible bonds (convertible into 20,000 shares of common)$1,000,000 $1,000,000
Ames's net income for the year ended December 31, 2018, is $740,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2018.
Required - Compute basic and diluted earnings per share for the year ended December 31, 2018.
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: Ames's net income for the year ended December 31, 2018, is $740,000. Compute basic and diluted earnings per share for the year ended December 31, 2018
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