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Business, 11.05.2021 19:40, leahandmaryssa
Lerner Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $600,000 of 10% convertible bonds outstanding during 2021. The preferred stock is convertible into 40,000 shares of common stock. During 2021, Lerner paid dividends of $.55 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 $360,000 and the income tax rate was 30%. Basic earnings per share for 2021 is:
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Lerner Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $60...
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