During 2014,the Laverne Corporation had 370,000 shares of $20 par common stock outstanding.On January 1,2014,2,000,8 percent bonds were issued with a maturity value of $1,000 each.To enhance the bond sale,the company offered a conversion of 50 shares of common stock for each bond at the option of the purchaser.Net income for 2014 was $464,000.The income tax rate was 30 percent.Compute the diluted earnings per share of common stock.

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The Answer of During 2014,the Laverne Corporation had 370,000 shares of $20 par common stock outstanding.On January 1,2014,2,000,8 percent bonds were issued with a maturity value of $1,000 each.To enhance the bond sale,the company offered a conversion of 50 shares of common stock for each bond at the option of the purchaser.Net income for 2014 was $464,000.The income tax rate was 30 percent.Compute the diluted earnings per share of common stock.

During 2014,the Laverne Corporation Had 370,000 Shares of $20 Par