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Question - CraneCorporation is preparing earnings per share data for 2020. The net income for the year ended December 31, 2020 was $410,000 and there were 58,500 common shares outstanding during the entire year. Crane has the following two convertible securities outstanding:
10% convertible bonds (each $1,000 bond is convertible into 20 common shares) $114,0004% convertible $100 par value preferred shares (each share is convertible into 2 common shares) $55,000
Both convertible securities were issued at face value in 2017. There were no conversions during 2020, and Crane's income tax rate is 23%. The preferred shares are cumulative. For simplicity, ignore the requirement to record the debt and equity components of the bonds separately.
Calculate the after-tax interest paid on the 10% bonds.
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