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Is the company required to report diluted earnings per share

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Reference no: EM132535774

Question - The following information was taken from the financial statements of Anoshka manufacturing company for the year ended 12/31/2020

Net Income after tax (40% tax) $200,000.00

Common stock (outstanding since 1/1/20) 50,000 shares

Common Stock (issued 7/1/20) 50,000 shares

Treasury shares (acquired on 10/1/20) 10,000 shares

10% stock dividend (announced 11/1/20)

Convertible preferred stock 10,000 shares ($50 par value) outstanding since 1/1/2019 (10% cumulative dividends). Each share is convertible into 20 common shares.

$ 2,000,00010% interest convertible bonds issued 7/1/2018). Each $1,000 bond is convertible into 20 common shares.

Required: (Show calculations)

A. Calculate basic earnings per share.

B. Is the company required to report diluted earnings per share? How much?

Reference no: EM132535774

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