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  3. jostens co. had 200,000 shares of common stock, 20

Jostens Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and...

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Accounting

image Jostens Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,000,000 of 10% bonds outstanding during 2024 . The preferred stock is convertible into 20,000 shares of common stock. During 2024, Jostens paid dividends of $1.20 per share on its common stock and $2.50 per share on its preferred stock. Each $1,000 bond is convertible into 10 shares of common stock. The net income for the year ended December 31, 2024 was $800,000. Assume the income tax rate was 30%. Diluted earnings per share for 2024 (rounded to the nearest penny) are: Select one: a. \$3.64 b. $3.35 c. $2.94 d. $3.28 e. $3.22

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