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Compute the basic earnings per share

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Question - Mirrlees Corp. has $3,000,000 bonds convertible into 50 shares per $1,000 bond. Mirrlees has 1,000,000 outstanding shares. Mirrlees has a tax rate of 21%. The average Aa bond yield at the time of issue was 10%. Compute the basic earnings per share if after-tax earnings are $1,400,000.

Reference no: EM133089201

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