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Find and calculate basic and diluted earnings per share

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Point 1: Barker Inc. reported net income (30% tax rate) of $1,600,000 for calendar 2017, and an average of 500,000 common shares outstanding during the year. Barker issued $2,000,000 par value, 10-year, 9% convertible bonds on January 1, 2015 at a $18,000 discount. The bonds are convertible into 60,000 common shares. Barker uses the straight-line method for amortizing the bond discount.

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Question 1: Calculate basic and diluted earnings per share for 2017.

Reference no: EM132492903

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