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Angel Corporation had 900,000 shares of $20 par common stock and 50,000 shares of 6%,...

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Accounting

Angel Corporation had 900,000 shares of $20 par common stock and 50,000 shares of 6%, $100 par noncumulative convertible preferred stock outstanding. Angel declared and paid cash dividends of $300,000 and $150,000 to common and preferred shareholders, respectively, during 2013. The preferred stock is convertible to30,000 shares of common stock. Angels net income for the year 2013 was $6million. The income tax rate is 40%. What will Angel report as diluted earnings per share for 2013, rounded to the nearest cent? A. $6.40 B. $6.25 C. $6.45 D. $6.50

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