(Answered) Question - at december 31 2011 the financial statements of

Accounting

Question - At December 31, 2011, the financial statements of Hollingsworth Industries included the following:

Net income for 2011 $560 million

Bonds payable, 10%, convertible into 36 million shares of common stock $300 million

Common stock:

Shares outstanding on January 400 million

Treasury shares purchased for cash on September 1 30 million

Additional data: The bonds payable were issued at par in 2009. The tax rate for 2011 was 40%.

Required: Compute basic and diluted EPS for the year ended December 31, 2011.

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