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Home Q & A Board Other Fields Homework Help Business Accounting
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xonotes xonotes
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5 years ago
At December 31, 20x2, HIJ had 2,000 common shares outstanding. On January 1, 20x3, HIJ
issued 1,000 convertible preferred (one share of common for one share of preferred) shares.
During 20x3, HIJ declared and paid $4,000 cash dividends on the common and $4,000 cash
dividends on the preferred (the annual requirement). Net income for the year ended December 31,
20x3, was $36,000. Assuming an income tax rate of 50 percent, what should be diluted earnings
per share for the year ended December 31, 20x3?
A) $12
B) $16
C) $17
D) $18
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
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batesmegan1995batesmegan1995
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5 years ago
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xonotes Author
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#2
5 years ago
Thank you for assisting - again and again Smiling Face with Open Mouth
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