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Tesla Corporation is a publicly-traded company that has a December 31st year-end. For the 2015 fiscal...

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Accounting

Tesla Corporation is a publicly-traded company that has aDecember 31st year-end. For the 2015 fiscal year, there were500,000 common shares outstanding all year. Net income for the yearended December 31, 2015, was $800,000. The company’s income taxrate is 30%. During 2014, the company issued a $6,000,000, 10%convertible bond at par. Each 2,000 bond is convertible into 10common shares. No bonds have been converted as of December 31st,2015. Also during 2014, Spade issued 200,000, $2 cumulative,convertible preferred shares. Two preferred shares are convertibleinto one common share. The preferred share dividend was declaredand paid in June 2015. Calculate basic and diluted earnings pershare for 2015.

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