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Cullumber Co. had 205000 shares of common stock, 20800 shares of convertible preferred stock, and...

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Accounting

Cullumber Co. had 205000 shares of common stock, 20800 shares of convertible preferred stock, and $607000 of 10% convertible
bonds outstanding during 2025. The preferred stock is convertible into 39200 shares of common stock. During 2025, Cullumber paid
dividends of $0.56 per share on the common stock and $1.70 per share on the preferred stock. Each $1,000 bond is convertible into 45
shares of common stock. Cullumber's net income for 2025 was $360000 and its income tax rate was 35%.
Diluted earnings per share for 2025 is
$1.47.
$1.55.
$1.31.
$1.37.
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