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Calculate Cullumbers DILUTED earnings per share

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Question - Cullumber Corporation earned net income of $280,000 in 2020 and had 119,000 common shares outstanding throughout the year. Also outstanding all year was $830,000 of 10% bonds that are convertible into 35,000 common shares. Cullumber's tax rate is 25%. Calculate Cullumber's 2020 DILUTED earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.

Reference no: EM132510254

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