Suppose mcbean inc has a 30 percent income tax rate none of

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McBean Inc. reported net income of $300,000 for the year ended December 31, 2009. McBean Inc. had 50,000 shares of common stock outstanding throughout 2009. On January 1, 2009, McBean Inc. issued 400, five-year, $1,000 face value bonds at par. The bonds pay 6 percent interest, and each bond can be converted into 20 shares of common stock. Assume McBean Inc. has a 30 percent income tax rate. None of the bonds were converted in 2009.

Required: Compute the basic EPS and diluted EPS for McBean Inc. for 2009.

Reference no: EM13395824

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