Reference no: EM132251218
Question - On January 1, 2018, Bradbay, Inc. issued 10-year, $2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 16 shares of Bradbay common stock. Bradbay's net income in 2018 was $325,000, and its tax rate was 35%. The company had 100,000 shares of common stock outstanding throughout 2018. None of the bonds were converted in 2018.
1. Compute earnings per share for 2018
2. Computer diluted earnings per share for 2018
During the year, HITech Inc. incurred and paid the following costs related to its bonds: $25,000 to have bond certificates printed, $160,000 in legal fees, $15,000 accounting fees for registration information, and $100,000 to an underwriter as a commission. What is the amount of bond issue costs?
A) $125,000.
B) $285,000.
C) $300,000.
D) $200,000.
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