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During 2022, Elvis Corp. had 370,000 shares of $20 par common stock outstanding. On January...

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Accounting

During 2022, Elvis Corp. had 370,000 shares of $20 par common stock outstanding. On January 1, 2022, 2,000 bonds (stated rate, 8%) 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 2022 was $464,000. The income tax rate was 30 percent. Compute Elvis basic and diluted earnings per share, rounded to the nearest cent

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