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Compute Cheyenne diluted earnings per share

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Question - Cheyenne Corporation earned net income of $499,500 in 2020 and had 102,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 5% bonds, which are convertible into 15,000 shares of common. Cheyenne's tax rate is 30 percent.

Required - Compute Cheyenne's 2020 diluted earnings per share.

Reference no: EM132656640

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