Angels net income for the year ended december 31 2009 was 6, Ask an Expert

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During 2009, Angel Corporation had 900,000 shares of common stock and 50,000 shares of 6% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2009.

On January 1, 2008, Angel issued $2,000,000 of convertible 5% bonds at face value. Each $1,000 bond is convertible into 5 common shares.

Angel's net income for the year ended December 31, 2009, was $6 million. The income tax rate is 20%.

What is Angel's basic earnings per share for 2009, rounded to the nearest cent?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436112

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