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Carla Vista Corporation reported net income of $780,312 in 2020 and had 128,000 common shares outstanding throughout the year. Also outstanding all year were 9,200 of cumulative preferred shares, with each being convertible into 2 common shares. The preferred shares pay an annual dividend of $5 per share. Carla Vista's tax rate is 40%.
Problem 1: Calculate Carla Vista's 2020 diluted earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)
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