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Question 1 - Blossom Corporation reported net income of $710,040 in 2020 and had 127,000 common shares outstanding throughout the year. Also outstanding all year were 9.700 of cumulative preferred shares, with each being convertible into 2 common shares. The preferred shares pay an annual dividend of $5 per share. Blossom's tax rate is 40%. Calculate Blossom's 2020 diluted earnings per share.
Question 2 - Cullumber Corporation earned net income of $350,000 in 2020 and had 94,000 common shares outstanding throughout the year. Also outstanding all year was $720,000 of 10% bonds that are convertible into 13,000 common shares. Cullumber's tax rate is 35%. Calculate Cullumber's 2020 diluted earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.
Financial Statement Analysis and Preparation
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