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At December 31, 2018, the financial statements of Hollingsworth Industries included the following: ...

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Accounting

At December 31, 2018, the financial statements of Hollingsworth Industries included the following:

Net income for 2018 $ 510 million
Bonds payable, 10%, convertible into 39 million shares of common stock $ 400 million
Common stock:
Shares outstanding on January 1 500 million
Treasury shares purchased for cash on September 1 36 million

Additional data: The bonds payable were issued at par in 2016. The tax rate for 2018 was 40%. Required: Compute basic and diluted EPS for the year ended December 31, 2018.

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