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QUESTION

At December 31, 2009, the financial statements of Hollingsworth Industries included the following:

At December 31, 2009, the financial statements of Hollingsworth Industries included the following:Net income for 2009 $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 2007. The tax rate for 2009 was 40%Required:Compute basic and diluted EPS for the year ended December 31, 2011.

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