At December 31, 2021, the financial statements of Hollingsworth Industries included the following:
Net income for 2021 $ 520 million
Bonds payable, 8%, convertible
into 40 million shares of common stock $ 250 million
Common stock:
Shares outstanding on January 1 400 million
Treasury shares purchased for cash
on September 1 36 million
Additional dа ta:
The bonds payable were issued at par in 2019.
The tax rate for 2021 was 25%.
Compute basic and diluted EPS for the year ended December 31, 2019
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