Information from the financial statements of Flip, Incorporated included the following: ...
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Accounting
Information from the financial statements of Flip, Incorporated included the following:
| 12/31/2024 | 12/31/2023 | |
| Common Shares | 100,000 | 100,000 |
| Convertible preferred shares (convertible into 76,000 shares of common) | 28,800 | 28,800 |
| 8% convertible bonds (convertible into 30,000 shares of common) | $1,000,000 | $1,000,000 |
Flips net income for the year ended December 31, 2024, is $780,000.
The income tax rate is 25%.
Flip paid dividends of $5 per share on its preferred stock during 2024.
Required:
Compute basic and diluted earnings per share for the year ended December 31, 2024.
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