BRIEF EXERCISE 16-12 Net income................................................................................................................... $0 Adjustment for interest, net of tax [$0...
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Accounting
BRIEF EXERCISE 16-12
Net income................................................................................................................... $0
Adjustment for interest, net of tax [$0 X (0 .0)].................................................... 0
Adjusted net income................................................................................................... $0
7 BE16-12 Rockland Corporation earned net income of $300,000 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are convertible into 16,000 shares of common. Rockland's tax rate is 40 percent. Compute Rockland's 2012 diluted earnings per share
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