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What is the earnings for diluted earnings per share

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Question - On June 1, 2018, Gustav Corp. and Gabby Limited merged to form Cullumber Inc. A total of 620,000 shares were issued to complete the merger. The new corporation uses the calendar year as its fiscal year.

On April 1, 2020, the company issued an additional 310,000 shares for cash. All 0.93 million shares were outstanding on December 31, 2020. Cullumber Inc. also issued $465,000 of 20-year, 9% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 37 common shares at the annual interest date. None of the bonds have been converted to date. If the bonds had been issued without the conversion feature, the annual interest rate would have been 10%.

Cullumber Inc. is preparing its financial statements for the fiscal year ended December 31, 2020. The financial statements will show earnings per share figures based on a reported after-tax net income of $1,510,000. (The tax rate is 30%).

What is the earnings for diluted earnings per share?

Reference no: EM132811426

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