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Compute whispering diluted earnings per share

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Question - Whispering Corporation reported net income of $315,350 in 2020 and had 50,500 shares of common stock outstanding throughout the year. Also outstanding all year were 4,500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Whispering's tax rate is 30%.

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

Reference no: EM132656649

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