CPA Far Quiz
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FINANCIAL REPORTING
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For the year, a company had net income of $2,000,000 and a weighted-average of 800,000 common shares outstanding. The company also had $1,000,000 of 6% convertible bonds outstanding for the entire year. Each $1,000 bond is convertible into 40 shares of common stock. The company's tax rate is 25%.
What is the company's diluted earnings per share for the year?
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