What amount should be reported as diluted earnings per share

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Problem

The shareholder's equity of Atlantic Company was affected by the following transactions during the current year. At the beginning of the year, there are 200,000 ordinary shares outstanding.

February 1 April 1 July 1 July 1 Sold 42,000 ordinary shares in the market
Purchased 10,000 ordinary shares to be held in treasury
Sold 70,000 ordinary shares in the market
Issued P2,000,000, 5-year, 10% bonds at face amount. Each P1,000 bond is convertible into 50 ordinary shares
October 1 A 10% bonus issue was declared and issued
December 31 Net income for the year was P8,778,000. The tax rate is 25%. Get the instant assignment help.

What amount should be reported as diluted earnings per share?

Reference no: EM133908458

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