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How much should raven company report as earnings

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On December 31, 2020, Raven Company has a 200,000 ordinary shares outstanding with a par value of P100 per share. Information revealed that Raven had an 9% convertible debenture, P1,000,000 face value bonds. The bond has a carrying value of P1,067,830 as of January 2, 2020 based on a prevailing rate of 7%. Each 1,000 bond is convertible into 20 ordinary shares. The bonds were dated January 1, 2020. Net income after tax of 32% for 2020 was P418,000.

Problem 1: How much should Raven Company report as earnings per share in its December 31, 2020 financial statements?

a. P1.90

b. P2.09

c. P2.13

d. P2.89

Reference no: EM132673650

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