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  3. the following information was taken from the books

The following information was taken from the books and records of Blossom, Inc.: Net...

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Accounting

The following information was taken from the books and records of Blossom, Inc.:
Net Income: $324,000
Capital structure:
a. Convertible 6% bonds. Each of the 250,$1,000 bonds is convertible into 50 shares of common stock at
250,000
the present date and for the next 10 years.
b. $10 par common stock, 180,000 shares issued and outstanding during the entire year.
1,800,000
c. Stock warrants outstanding to buy 14,400 shares of common stock at $20 per share.
Other information:
a. Bonds converted during the year
b. Income tax rate
c. Convertible debt was outstanding the entire year
d. Average market price per share of common stock during the year
e. Warrants were outstanding the entire year
f. Warrants exercised during the yearCompute diluted earnings per share. (Round answers to 2 decimal places, e.g.52.75.)

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