Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at january 1,2024, m. e. galnor corporation had ou

At January 1,2024, M. E. Galnor Corporation had outstanding the following securitles: 650...

90.2K

Verified Solution

Question

Accounting

At January 1,2024, M. E. Galnor Corporation had outstanding the following securitles:
650 million common shares
20 million 6% cumulative preferred shares, $50 par
6.4% convertible bonds, $3,000 million face amount, convertible into 60 million common shares
The following additional information is avallable:
On September 1,2024, M. E. Galnor sold 69 million additional shares of common stock.
Incentive stock options to purchase 80 million shares of common stock after July 1,2023, at $10 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $16 per share during 2024.
Galnor's net Income for the year ended December 31,2024, was $1,974 million. The effective Income tax rate was 25%.
Required:
& 2 Calculate basic and the diluted earnings per common share for the year ended December 31,2024.
Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (1.e.,10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.
\table[[,Numerator,,Denominator,=,Earnings per share],[Basic,,,,=,],[Diluted,,,,,]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students