Jamieson company earned net income of 43800 during 2010 at, Ask an Expert

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Jamieson company earned net income of $43,800 during 2010. At the beginning of 2010 it had 10,000 shares of common stock outstanding; an additional 4,000 shares were issued on July 2. During 2010, 600 shares of 8%, $100 par, convertible preferred stock were outstanding the entire year. Dividends on this preferred stock were paid in 2010. Each share is convertible into 5 shares of common stock. The corporate income tax rate is 30%.

Required
Compute the 2010 diluted earnings per share.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976702

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