Reference no: EM132494327
Question - The following data pertain to Lakeside Corporation at December 31, 2017:
Net income for the year $1,800,000
5% convertible bonds issued at par in a prior year, convertible into 250,000 common shares $3,600,000
6% convertible, cumulative, preferred shares, $100 stated value, issued in a prior year (each share is convertible into 8 common shares) $2,700,000
Common shares, issued in prior years (800,000 outstanding) $8,000,000
Contributed capital $3,000,000
Retained earnings $4,500,000
Tax rate for 2017 25%
During 2017, there were no changes in the number of common shares, preferred shares, or convertible bonds outstanding. There are no treasury shares held.
Instructions -
(a) Calculate basic EPS for 2017.
(b) Calculate diluted EPS for 2017. Include all calculations including anti-dilutive tests.
(c) Explain whether dual presentation of EPS (presentation of both basic and diluted EPS) is required for 2017.
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