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In 2022 , Sandhill Ltd . ...

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Verified Solution

Question

Accounting

In
2022
,
Sandhill Ltd
.
issued $
52
,
000
of
9
%
bonds at par, with each $
1
,
000
bond being convertible into
100
common shares. The
company had revenues of $
72
,
500
and expenses of $
37
,
400
for
2023
,
not including interest and tax.
(
Assume a tax rate of
30
%
.
)
Throughout
2023
,
1
,
300
common shares were outstanding, and none of the bonds were converted or redeemed.
(
For simplicity,
assume that the convertible bonds' equity element is not recorded.
)Calculate diluted earnings per share for the year ended December 31,2023. For simplicity, ignore the requirement to record the
bonds' debt and equity components separately. The bonds are assumed to be converted for the entire year. (Round answer to 2
decimal places, e.g.15.25.)
Diluted earnings per share
image

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