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Determine the Wildhorse diluted earnings per share

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Problem - Wildhorse Corporation reported net income of $739,746 in 2020 and had 116,000 common shares outstanding throughout the year. Also outstanding all year were 9,400 of cumulative preferred shares, with each being convertible into 3 common shares. The preferred shares pay an annual dividend of $6 per share. Wildhorse's tax rate is 45%. Determine the Wildhorse's 2020 diluted earnings per share.

Reference no: EM132721752

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