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7) Jersey Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock,...

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Accounting

7) Jersey Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,500,000 of 5% convertible bonds outstanding during 2021. The preferred stock is convertible into 40,000 shares of common stock. During 2021, Jersey paid dividends of $.50 per share on the common stock and $4 per share on the preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. The net income for 2021 was $600,000 and the income tax rate was 20%. Diluted earnings per share for 2021 is (rounded to the nearest penny)?

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