On January 2, 2021, Bramble Corp. issued at par $301000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares. No bonds were converted during 2021. Bramble had 104000 shares of common stock outstanding during 2021. Bramble's 2021 net income was $153000 and the income tax rate was 35%. Bramble's diluted earnings per share for 2021 would be (rounded to the nearest penny) O $1.35. O $1.47. O $1.40. O $1.24.

On January 2, 2021, Bramble Corp. issued at par $301000 of 6% convertible bonds. Each $1,000 bond is convertible into 60 shares. No bonds were converted during 2021. Bramble had 104000 shares of common stock outstanding during 2021. Bramble's 2021 net income was $153000 and the income tax rate was 35%. Bramble's diluted earnings per share for 2021 would be (rounded to the nearest penny) O $1.35. O $1.47. O $1.40. O $1.24.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

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