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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3P: On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a...

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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
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