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During the year, Park Corporation had 50,000 shares of $10 par value common stock and...

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Accounting

During the year, Park Corporation had 50,000 shares of $10 par value common stock and 20,000 shares of 8%, $50 par value convertible preferred stock outstanding. Each share of preferred stock may be converted into three shares of common stock. Park Corporation's net income was $550,000. Calculate the Basic EPS and Diluted EPS.

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