(Answered) Question - during 2010 sanchez inc had the following

Accounting

Question - During 2010, Sanchez, Inc. had the following convertible securities outstanding:

A. $220,000 of 10%, $100 par, cumulative preferred stock. Each share is convertible into 5 shares of common stock.

B. $200,000 of 9.5% convertible bonds. Each $1,000 bond is convertible into 45 shares of common stock.

C. $100,000 of 8% convertible bonds. Each $1,000 bond is convertible into 32 shares of common stock.

D. $150,000 of 10%, $100 par, cumulative preferred stock. Each share is convertible into 5 shares of common stock.

Sanchez, Inc. has an income tax rate of 40%. Its reported net income for 2010 was $88,000, and it had 22,000 shares of common stock outstanding all year.

REQUIRED: Calculate basic and diluted earnings per share for Sanchez.

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