please show workings The following information is for Cullumber Limited for 2020 : Net...
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please show workings
The following information is for Cullumber Limited for 2020 : Net income for the year $2,020,000 8% convertible bonds issued at par ($1,000 per bond), with each bond convertible into 50 common shares 1,980,000 6% convertible, cumulative preferred shares, $100 par value, with each share convertible into 3 common shares 3,910,000 Common shares (650,000 shares outstanding) 6,500,000 Stock options (granted in a prior year) to purchase 75,000 common shares at $15 per share 800,000 Tax rate for 2020 30% Average market price of common shares $20 per share There were no changes during 2020 in the number of common shares, preferred shares, or convertible bonds outstanding. For simplicity, ignore the requirement to book the convertible bonds' equity portion separately. Determine an incremental per share effect for 6% preferred shares. (Round earnings per share to 2 decimal places, eg. 15.25.)
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