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Category > Accounting Posted 09 May 2017 My Price 5.00

The Novak Corporation

The Novak Corporation issued 10-year, $4,760,000 par, 8% callable convertible subordinated
debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually.
The current conversion ratio is 14:1, and in 2 years it will increase to 18:1. At the date of issue, the
bonds were sold at 97. Bond discount is amortized on a straight-line basis. Novak’s effective tax
was 40%. Net income in 2017 was $9,150,000, and the company had 2,075,000 shares outstanding
during the entire year.
(a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g.
$2.55.)
$
Basic earnings per share
$
Diluted earnings per share

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SuperTutor
(15)
Status NEW Posted 09 May 2017 08:05 AM My Price 5.00

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