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Sheridan Corporation had net income of $52,800 for the year ended December 31, 2020, and a weighted average number of common shares outstanding of 10,900. The following information is provided regarding the capital structure: 1. 7% convertible debt, 210 bonds each convertible into 46 common shares. The bonds were outstanding for the entire year. The income tax rate is 45%. The bonds were issued at par ($1,000 per bond). No bonds were converted during the year.
2. 4% convertible, cumulative $110 preferred shares, 1,100 shares issued and outstanding. Each preferred share is convertible into 2 common shares. The preferred shares were issued at par and were outstanding the entire year. No shares were converted during the year.
Problem 1: Calculate the after-tax interest paid on the 7% bonds.
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