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Determine the diluted earnings per share

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Question - The Lalalu Corporation reported profit for 2022 of P177,500. Lalalu began the year with 100,000 shares of P5 par value ordinary shares outstanding and 2,500 shares of P100 par value 8% non cumulative preference shares outstanding. On December 31, Lalalu sold 10,000 shares of ordinary shares for P6 per share. Lalalu did not declare dividends to preference shareholders in December. If the preference shares is convertible into ten ordinary shares, determine the diluted earnings per share for 2022?

Reference no: EM133164660

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