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Compute sheffields diluted earnings per share

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Point 1: Sheffield Corporation reported net income of $282,540 in 2020 and had 45,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,200 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. Sheffield's tax rate is 50%.

Question 1: Compute Sheffield's 2020 diluted earnings per share.

Reference no: EM132489037

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