ScholarMatic: Explanation & Answer
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on june 1 2012, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. the corporation reports on a calender year basis. On April 1 2014 the company ossued an additional 400,000 shares of stock for cash, all 1200,000 shares were outstanding on december 31 2014. lancaster Inc also issued $600,000 of 20 year 8% convertible bonds at par on july 1 2014. Each $1000 bonds converts to 40 shares of common at any interest date. None of the bonds have been converted to date. lancaster Inc is preparing its annual report for the fiscal year ending december 31 2014. the annual earning per share figures based upon a reported after tax net income of $1,540,000. the tax rate 40%. determine the number of shares to be used for calculating basic earning per share..and the diluted earning per share, (b) the earning figures to be used for calculating: the basic EPS and the diluted EPS
ScholarMatic: Explanation & Answer
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