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Compute diluted earnings per share

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Question - Oriole Corporation reported net income of $324,540 in 2020 and had 49,100 shares of common stock outstanding throughout the year. Also outstanding all year were 5,500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Oriole's tax rate is 30%. Compute diluted earnings per share?

Reference no: EM133057147

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