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Company C has a basic EPS of $4.00 per share. Company C has 10% convertible bonds with a total face value of $1,000,000, consisting of 1,000 bonds at $1,000 each, outstanding. Assume that the market rate was equal to the stated rate on the issuance and that the company’s tax rate is 40 percent. In which of the following independent situations would the convertible bonds be anti-dilutive? Situation 1: Each bond can be converted into 40 shares of common stock. Situation 2: Each bond can be converted into 30 shares of common stock. Situation 3: Each bond can be converted into 20 shares of common stock. Situation 4: Each bond can be converted into 10 shares of common stock.

Part C. What is Los Pollos Hermanos’ diluted earnings per share (EPS) for 2021?

The stockholders of Meadow Corp. approved a stock-option plan that grants the company’s top three executives options to purchase a maximum of 1,000 shares each of Meadow’s $2 par common stock for $19 per share. Under the plan, the options vest if the executive remains employed by the company three years after the grant date. The options were granted on January 1, when the fair value of the stock was $20 per share. Using an option-pricing model, the fair value of the options given to the executives was calculated to be $10 per option. What amount of compensation expense from the plan should Meadow record in the year the options were granted?

Lars Inc. issued 100 shares of common stock ($5 par) and 250 shares of preferred stock ($100 par) for a lump sum of $50,000. The fair value of the common stock is $100 per share, and the fair value of the preferred stock is $105 per share. The journal entry to record the transaction includes the following:

bones 2.png The bone indicated by the number 1 is the [BLANK-1] The bone indicated by the number 2 is the [BLANK-2] The bone indicated by the number 3 is the [BLANK-3] The structure indicated by the green arrow is the [BLANK-4] The structure indicated by the red arrow is the [BLANK-5] The structure indicated by the blue arrow is the [BLANK-6]

On June 30, 2021, when Ansley Co.’s stock was selling at $65 per share, its Shareholders’ Equity accounts were as follows:Common Stock at Par ($50 par, 60,000 shares issued)$3,000,000Additional Paid-in Capital – Common Stock$600,000Retained Earnings$4,200,000After distributing a 100% stock dividend, what should the balance for the Common Stock at Par account be?

Part B. What is Los Pollos Hermanos’ basic earnings per share (EPS) for 2021?

Chaney Corp had 1,500,000 shares of $1 par common stock outstanding for the year. The company reported a net income of $1,000,000. Additionally, the company had 300,000 employee stock options outstanding throughout the year. Each stock option entitles the holder to acquire one share of the company’s common stock for $20. The average market price of the company’s common shares was $150. What is the denominator used in calculating diluted earnings per share for Chaney Corp in that year?

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