Question

Sunland Company, has 4220000 shares of common stock outstanding on December 31, 2020. An additional 798000...

Sunland Company, has 4220000 shares of common stock outstanding on December 31, 2020. An additional 798000 shares of common stock were issued on April 1, 2021, and 397000 more on July 1, 2021. On October 1, 2021, Sunland issued 19400, $1,000 face value, 8% convertible bonds. Each bond is convertible into 20 shares of common stock. No bonds were converted into common stock in 2021. What is the number of shares to be used in computing basic earnings per share and diluted earnings per share, respectively?

Homework Answers

Answer #1

In case of any doubts or Issues, please comment below

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
faucet Company has 2,500,000 shares of common stock outstanding on December 31, year 1. An additional...
faucet Company has 2,500,000 shares of common stock outstanding on December 31, year 1. An additional 500,000 shares of common stock were issued on April 1, year 2, and 250,000 more on July 1, year 2. On October 1, year 2, Faucet issued 5,000, $1,000 face value, 7% convertible bonds. Each bond is convertible into 40 shares of common stock. No bonds were converted into common stock in year 2. What is the number of shares to be used in...
Marigold Corp., has 4210000 shares of common stock outstanding on December 31, 2017. An additional 796000...
Marigold Corp., has 4210000 shares of common stock outstanding on December 31, 2017. An additional 796000 shares of common stock were issued on April 1, 2018, and 394000 more on July 1, 2018. On October 1, 2018, Marigold issued 20300, $1,000 face value, 8% convertible bonds. Each bond is convertible into 20 shares of common stock. No bonds were converted into common stock in 2018. What is the number of shares to be used in computing basic earnings per share...
Anson Company had​ 8,000,000 shares of common stock outstanding on December​ 31, Year 11. Anson issued...
Anson Company had​ 8,000,000 shares of common stock outstanding on December​ 31, Year 11. Anson issued an additional​ 1,200,000 shares of common stock on April​ 1, Year​ 12, and​ 1,000,000 more on July​ 1, Year 12. On October​ 1, Year​ 12, Anson issued​ 50,000 of​ $1,000 face value​ 4% convertible bonds. Each bond is convertible into 20 shares of common stock. No bonds were converted into common stock in Year 12. What is the number of shares to be used...
Grimm Company has 1,800,000 ordinary shares outstanding on December 31, 2018. An additional 150,000 ordinary shares...
Grimm Company has 1,800,000 ordinary shares outstanding on December 31, 2018. An additional 150,000 ordinary shares were issued on July 1, 2019, and 300,000 more on October 1, 2019. On January 1, 2019, Grimm issued 6,000, €1,000 face value, 8% convertible bonds. Each bond is convertible into 40 ordinary shares. The bonds are dilutive. No bonds were converted in 2019. What is the number of shares to be used in computing basic earnings per share and diluted earnings per share,...
Nolte Co. has 4,000,000 ordinary shares outstanding on December 31, 2015. An additional 200,000 shares are...
Nolte Co. has 4,000,000 ordinary shares outstanding on December 31, 2015. An additional 200,000 shares are issued on April 1, 2016, and 480,000 more on September 1. On October 1, Nolte issued $6,000,000 of 9% convertible bonds. The bonds are dilutive. Each $1,000 bond is convertible into 40 ordinary shares. No bonds have been converted. The number of shares to be used in computing basic earnings per share and diluted earnings per share on December 31, 2016 is
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1,...
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2020. On July 1, 2021, XYZ issued an additional 55,000 shares for cash. On January 1, 2021, XYZ issued 25,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 5% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2021, XYZ paid the regular annual dividend on the preferred and common stock. Net...
At December 31, 2018, Galatia Inc. had 250,000 shares of common stock outstanding. On October 1,...
At December 31, 2018, Galatia Inc. had 250,000 shares of common stock outstanding. On October 1, 2019, an additional 60,000 shares of common stock were issued for cash. Galatia also had $2,000,000 of 10% convertible bonds outstanding at December 31, 2019, which are convertible into 50,000 shares of common stock. The bonds are dilutive in the 2019 earnings per share computation. No bonds were issued or converted into common stock during 2019. What is the number of shares that should...
Swifty Corporation had 1,000,000 shares of common stock issued and outstanding at December 31, 2020. On...
Swifty Corporation had 1,000,000 shares of common stock issued and outstanding at December 31, 2020. On July 1, 2021 an additional 1,000,000 shares were issued for cash. Swifty also had stock options outstanding at the beginning and end of 2021 which allow the holders to purchase 291000 shares of common stock at $28 per share. The average market price of Swifty’s common stock was $35 during 2021. The number of shares to be used in computing diluted earnings per share...
Sunland Company had 204000 shares of common stock, 21000 shares of convertible preferred stock, and $592000...
Sunland Company had 204000 shares of common stock, 21000 shares of convertible preferred stock, and $592000 of 11% convertible bonds outstanding during 2021. The preferred stock is convertible into 40400 shares of common stock. During 2021, Sunland paid dividends of $0.54 per share on the common stock and $1.80 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $357000 and the income tax rate was 25%....
Benn, Incorporated, has 6,000,000 shares of common stock outstanding on December 31, 2017. An additional 1,000,000...
Benn, Incorporated, has 6,000,000 shares of common stock outstanding on December 31, 2017. An additional 1,000,000 shares of common stock were issued on April 1, 2018, and 500,000 more on July 1, 2018. On October 1, 2018, Benn declared a 10% stock dividend. On November 1, Benn purchased 120,000 of its own stock. What was the number of shares to be used in computing basic earnings per share?