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Deadline Corp. reported net income of $1,692,900 for 2017.Deadline's income tax rate was 30% and they reported no below the line items on their...
Deadline Corp. reported net income of $1,692,900 for 2017. Deadline's income tax rate was 30% and they reported no below the line items on their income statement. Deadline had 400,000 shares of common stock outstanding at1/01/17, issued an additional 300,000 shares on 7/1/17, and purchased 90,000 treasury shares on 11/1/17. The average market price of Behrend's stock during 2017 was $50. Throughout 2017 Behrend also had the following securities outstanding:
a. 20,000 shares of $100 par value 6% cumulative preferred stock (annual preferred dividend requirement of $6/share). Each preferred share is convertible into 3 shares of common stock.
b. $10,000,000 of 8% bonds payable issued at face value. Each $1,000 bond is convertible into 20 shares of common stock.
c. Stock warrants to purchase 160,000 shares of Behrend Corp. common stock for $40/share.
