Information from the financial statements of Ames Fabricators, Inc., included the following: ...
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Accounting
Information from the financial statements of Ames Fabricators, Inc., included the following:
| December 31 | ||||||||
| 2018 | 2017 | |||||||
| Common shares | 100,000 | 100,000 | ||||||
| Convertible preferred shares (convertible into 38,000 shares of common) | 15,600 | 15,600 | ||||||
| 10% convertible bonds (convertible into 20,000 shares of common) | $ | 1,000,000 | $ | 1,000,000 | ||||
Amess net income for the year ended December 31, 2018, is $560,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2018. Required:
Compute basic and diluted earnings per share for the year ended December 31, 2018.
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