Reference no: EM132623925
Wazee wa Swaga Co ltd has complex capital structure. The following information relates to the company for the year ending 31st Dec 2014.
i) The Net Profit of the company attributable to parent members was $, 854,800. Out of this amount of the net profit attributable to discontinued operations was $52,400. However a profit of $ 120,000 from associate was not included.
ii) The following details relate to the capital structure of the company as at 1st Jan 2014
$ Ordinary shares of $ 8 each 480,000 9%
Cumulative Preference shares of $ 5 each 400,000 12%
Convertible Preference Shares of $ 6 each 300,000 10%
Convertible Debenture 320,000 10%
Unconvertible Bonds 200,000
Additional Information
1. The average market price (Fair Value) of the shares for the years ending 31st Dec 2014 was $ 10 and the company was subjected to the corporate tax rate of 30%
2. On 1st April 2013 the company issued 40,000 shares by the way of right issue. The right issue price was $ 9. On May 1st 2014 the company issued 24,000 new shares at a full market price. Additionally the company purchased and cancelled 12,000 shares on 1st Aug 2014
3. On 1st March 2014 The Company has option outstanding of 18,000 ordinary shares at exercise price of $ 7 each.
4. Each $ 320 Debenture is convertible into 180 ordinary shares.
5. Preference Shares is convertible into a basis of 5 preference shares to 4 ordinary shares
Required:
Problem a) Calculate basic EPS for the year ending 31st Dec 2014
Problem b) Calculate diluted EPS for the year ending 31st Dec 2014
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