At December 31, 2021, the financial statements of Hollingsworth Industries included the following: Net income for 2021 $ 590 million Bonds payable, 8%, convertible into 47 million shares of common stock $ 250 million Common stock: Shares outstanding on January 1 450 million Treasury shares purchased for cash on September 1 48 million Additional data: The bonds payable were issued at par in 2019. The tax rate for 2021 was 25%.