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At January 1,2024, M. E. Gainor Corporation had outstanding the following securities: ...

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Accounting

At January 1,2024, M. E. Gainor Corporation had outstanding the following securities:
740 million common shares
20 million 8% cumulative preferred shares, $50 par
6.4% convertible bonds, $2,000 million face amount, convertible into 70 million common shares
The following additional information is available:
On September 1,2024, M. E. Gainor sold 78 million additional shares of common stock.
Incentive stock options to purchase 60 million shares of common stock after July 1,2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainors common stock was $18 per share during 2024.
Gainor's net income for the year ended December 31,2024, was $2,186 million. The effective income tax rate was 25%.
Required:
1. & 2. Calculate basic and the diluted earnings per common share for the year ended December 31,2024.

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