Kalin Corporation had 2017 net income of $1,000,000. During 2017, Kalin, paid a dividend of $2 per share on 100,000 shares of preferred stock. During 2017, Kalin had outstanding 250,000 shares of common stock Compute Kalin's 2017 earnings per share. Douglas Corporation had 120,000 shares of stock outstanding on January 1, 2017. On May 1, 2017, Douglas issued 60,000 shares. On July 1, Douglas purchased 10,000 treasury shares, which were reissued on October 1. Compute Douglas's weighted-average number of shares outstanding for 2017.

On january 1, 2018, gless textiles issued $12 million of 9%, 10-year convertible bonds at 101. the bonds pay interest on june 30 and december 31. each $1,000 bond is convertible into 40 shares of gless’s no par common stock. bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). century services purchased 10% of the issue as an investment. on january 1, 2018, gless textiles issued $12 million of 9%, 10-year convertible bonds at 101. the bonds pay interest on june 30 and december 31. each $1,000 bond is convertible into 40 shares of gless’s no par common stock. bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99 (that is, 99% of face amount). century services purchased 10% of the issue as an investment. 3. on july 1, 2023, when gless’s common stock had a market price of $33 per share, century converted the bonds it held. prepare the journal entries by both gless and century for the conversion of the bonds (book value method).