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On January 1, 2014, Crocker Company issued 10-year, $3,087,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 22 shares of Crocker common stock. Crocker’s net income in 2014 was $338,000, and its tax rate was 45%. The company had 101,000 shares of common stock outstanding throughout 2014. None of the bonds were converted in 2014.
(a) Compute diluted earnings per share for 2014.
(b) Compute diluted earnings per share for 2014, assuming the same facts as above, except that $1,010,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Crocker common stock.
Jolly Company uses the FIFO method in its process costing system. Beginning stock in the mixing processing centre consisted of 4,000 units, 75% complete with respect to conversion costs. Ending work in process stock consisted of 3,000 units, 60% comp..
During the year, the company earned revenue of $5,900, all of which was received in cash, and incurred expenses of $3,450, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,900 to owners. Assume no othe..
On January 1, 2016 Gearty Corporation acquired 100% of Olinto Corporation. Gearty Corp. paid $2,500,000 for the acquisition of all of Olinto’s stock. On the date of acquisition Olinto’s assets and liabilities equaled their book value except for land...
Indicate the amount of income or loss from the partnership that should be reported by Wilson in 2011 on his Individual Income Tax Return. Compute Wilson's basis in his partnership interest at the end of 2011.
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1.you are given the following information for Lorelei Motorwerke. Note: 300,000 means 300,000 euros.
Andrew and Emma Garfield invested $7,600 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 16. How much was in the savings account on her 16th birth..
What would be the future value of $15,555 invested now if it earns interest at 14.5 percent for seven years? What would be the future value of $19,378 invested now if the money remains deposited for eight years and the annual interest rate is 18 perc..
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