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Inferno Co. is a manufacturer and distributer of precision navigation and guidance equipment. The following...

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Accounting

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Inferno Co. is a manufacturer and distributer of precision navigation and guidance equipment. The following is information about the company's earnings and securities on 31 December 2017 (Note: round all per share values to three decimal places) Earnings and Shares Net income Beginning balance of common shares outstanding Year-end balance of 10% cumulative preferred shares outstanding ($25 par) Average market price of common stock Tax rate $275,000 175,000 10,000 40 25% Additional Information on Stock Transactions On March 1, 2017, Inferno repurchased 24 thousand previously issued shares. On July 1, Inferno sold and issued an additional 30 thousand shares of common stock at $30 Series A Series B Convertible bonds Face amount and carrying value Interest rate Number of shares issuable 55,000 65,000 9% 10,000 11% 3,800 Warrants 3,000 Options and Warrants Number of shares issuable Exercise price ons 7,500 $ 27 $ 35 Requirement 1: Calculate Basic EPS Net income Preferred dividends paid Income available to common stockholders (IACS eighted average common shares Basic EPS

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