(Answered) On january 1 2014 green company issued 15-year 50000000

Accounting

On January 1, 2014, Green Company issued 15-year, $50,000,000 face value, 4% convertible preferred stock, at par. Each $1,000 preferred stock is convertible into 20 shares of Green's common stock. None of the preferred stocks were converted in 2014. Green's net income in 2014 was $8,680,000, and its tax rate was 30%. The company had 2,650,000 shares of common stock issued and outstanding throughout 2014. Compute diluted earnings per share for 2014.

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