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Pharoah Corporation reported net income of $359,700 in 2020 and had 54,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,300 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Pharoah's tax rate is 40%. Compute Pharoah's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share eTextbook and Media Save for Later $ 5.09 Assistance Used Attempts: unlimited Submit Answer

Pharoah Corporation reported net income of $359,700 in 2020 and had 54,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,300 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Pharoah's tax rate is 40%. Compute Pharoah's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share eTextbook and Media Save for Later $ 5.09 Assistance Used Attempts: unlimited Submit Answer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pharoah Corporation reported net income of $359,700 in 2020 and had 54,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,300 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Pharoah's tax rate is 40%. Compute Pharoah's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share eTextbook and Media Save for Later $ 5.09 Assistance Used Attempts: unlimited Submit Answer
Transcribed Image Text:Pharoah Corporation reported net income of $359,700 in 2020 and had 54,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,300 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Pharoah's tax rate is 40%. Compute Pharoah's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 3.55.) Diluted earnings per share eTextbook and Media Save for Later $ 5.09 Assistance Used Attempts: unlimited Submit Answer
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