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Calculate pharoah diluted earnings per share

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Question - Pharoah Corporation reported net income of $620,340 in 2020 and had 102,000 common shares outstanding throughout the year. Also outstanding all year were 9,500 of cumulative preferred shares, with each being convertible into 2 common shares. The preferred share payment annual dividend of $5 per share. Pharoah's tax rate is 30%. Calculate Pharoah's 2020 diluted earnings per share.

Reference no: EM133089197

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