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Compute diluted earnings per share

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Reference no: EM132821279

Question - The following is a partial balance sheet for CYAN Corp. for the year ended December 31, 2020:

9 percent Convertible Bonds (issued at par) - P1,800,000

Ordinary share, 180,000 shares issued and outstanding, P50 par - P9,000,000

Each P1,000 convertible bond can be converted into 80 shares of ordinary share.

On September 1, 2021, one-third of the convertible debt was converted into ordinary share.

CYAN reported net income of P2,550,000 in 2021. The income tax rate was 30 percent.

No other share transactions took place during 2021.

Requirement -

1. Compute basic earnings per share for 2021.

2. Compute diluted earnings per share for 2021.

Reference no: EM132821279

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