,000 and the income tax rate was 20%. Diluted earnings per share for 2021 is (rounded to the nearest penny)?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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11) ABC Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $2,000,000 of 6% convertible bonds outstanding during 2021. The preferred stock is convertible into 60,000 shares of common stock. During 2021, ABC paid dividends of $.90 per share on the common stock and $2 per share on the preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. The net income for 2021 was $600,000 and the income tax rate was 20%. Diluted earnings per share for 2021 is (rounded to the nearest penny)?  

 

 

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