Excel Accounting Question #3
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Excel Question E16-22 (EPS with Convertible Bonds, Various Situations) In 2013, Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500 and
expenses other than interest and taxes of $8,400 for 2014. (Assume that the tax rate is 40%.) Throughout
2014, 2,000 shares of common stock were outstanding; none of the bonds was converted or redeemed.
Instructions
(a) Compute diluted earnings per share for 2014. (b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on
September 1, 2014 (rather than in 2013), and none have been converted or redeemed. (c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually
converted on July 1, 2014.
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