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At December 31 2013 the financial statements of Hollingsworth Industries included the following:Net income for 2013 $560 million Bonds payable

At December 31, 2013, the financial statements of Hollingsworth Industries included the following:Net income for 2013 …………………. $560 millionBonds payable,10%, convertible into 36 million shares of common stock . $300 millionCommon stock:Shares outstanding on January 1 …………….. 400 millionTreasury shares purchased for cash on September 1 ……….. 30 millionAdditional data:The bonds payable were issued at par in 2011. The tax rate for 2013 was 40%.Required:Compute basic and diluted EPS for the year ended December 31, 2013

May 22 2020 View more View Less

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