At December Falcon Ltd had the following items in shareholders' equity: Preferred shares, Class A nonvoting, cumulative, par $ $ dividend per share, authorized, issued.
Preferred shares, Class B voting, cumulative, par $$
$ dividend per share, convertible at the rate of one preferred share to five common shares; authorized, issued
Common shares, voting; authorized, issued
Retained earnings deficit
At December the following were disclosed in notes or other parts of the balance sheet:
There were two common share stock options outstanding:
$ per share exercise price and shares, currently exercisable
$ per share exercise price and shares, able to be exercised after January
During the following occurred:
Net income was $
common shares were issued on March for $ per share.
The tax rate was
No dividends were declared or paid to any of the shareholders.
The average market price of Falcon's shares during was $
Required:
