Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2024, angel corporation had 900,000 shares

During 2024, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 4%...

80.2K

Verified Solution

Question

Accounting

During 2024, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 4% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $320,000 and $160,000 to common and preferred shareholders, respectively, during 2024.
On January 1,2023, Angel issued $2,020,000 of convertible 7% bonds at face value. Each $1,000 bond is convertible into five common shares.
Angel's net income for the year ended December 31,2024, was $6.00 million. The income tax rate is 20%.
What will Angel report as diluted earnings per share for 2024, rounded to the nearest cent?

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

Advance Math
1.2K views

prove that if f is a univalent function in D then w=f(z) is conformal mapping in...

Medical Sciences
1.2K views

Case Study Organophosphate Poisoning John has a number of prize apple trees in his backyard. To prevent...

Advance Math
1.2K views

Problem 4. Consider ? : (Z100, +100) ? (Z100, +100) defined by ?([x]100) = [41x +...

Basic Math
1.2K views

A professor has noticed that, even though attendance is not a component of the final grade...

Biology
1.2K views

Blank 1 The above picture is a dissected sheep brain What is the name of...

Geometry
1.2K views

2 y 3x y x 6 2 y x x 3 y x 3 y...

Statistics
1.2K views

According to a recent Gallup Poll 13 of Americans believe that healthcare is the most...

Algebra
1.2K views

9 cot 90 4 72

Accounting
1.2K views

Dried Fruit Corp. has had a valid S Corp election in effect at all times...

Accounting
1.2K views

toidar is hane Read the inciritbme

Finance
1.2K views

Summarize and breakdown the step you would take too solve this problem in WORDS. Please...

Accounting
1.2K views

Canada Snowcones Ltd. (CSL) owned and operated 20 retail frozen yogurt stores spread throughout Southern...