Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 6.00

Convertible Bonds,

(E16-20)(EPS with Convertible Bonds, Various Situations) In 2006 Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500 and expenses other than interest and taxes of $8,400 for 2007. (Assume that the tax rate is 40%.) Throughout 2007, 2,000 shares of common stock were outstanding; none of the bonds was converted or redeemed.

Instructions
(a) Compute diluted earnings per share for 2007.
(b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2007 (rather than in 2006), and none have been converted or redeemed.
(c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2007.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 01:09 PM My Price 6.00

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