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On June 1,2023, Blue Company and Kingbird Company merged to form Oriole Inc. A total...

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Accounting

On June 1,2023, Blue Company and Kingbird Company merged to form Oriole Inc. A total of 757,000 shares were issued to compiete the merger. The new corporation reports on a calendar-year basis.
On April 1,2025, the company issued an additional 628,000 shares of stock for cash. All 1,385,000 shares were outstanding on December 31,2025.
Oriole Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1,2025. Each $1,000 bond converts to 42 shares of common at any interest date. None of the bonds have been converted to date.
Oriole Inc. is preparing its annual report for the fiscal year ending December 31,2025. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,545,000.(The tax rate is 20%.)
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