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Skysong Corporation reported net income of $335,500 in 2025 and had 50,000 shares of common...

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Accounting

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Skysong Corporation reported net income of $335,500 in 2025 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,500 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Skysong's tax rate is 50%. Compute Skysong's 2025 diluted earnings per share. (Round answer to 2 decimal places, eg. 3.55.) Diluted earnings per share

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