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East Corporation had 2 million shares of common stock outstanding. Two thousand 8%...

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Accounting

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East Corporation had 2 million shares of common stock outstanding. Two thousand 8% convertible bonds, each with $1,000 face value, were issued at face amount at the beginning of the year. Each bond is convertible into 10 shares of common stock. The tax rate is 25%. North reported net income of $4 million for the year. What is diluted EPS (rounded)? a. $4.20 b. $1.00 c. $0.90 d. $4.00 e. $3.80

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