Reference no: EM132928181
The following information relates to Dover Inc.'s earnings per share computations for 2021:
Net income $ 750,000
6% cumulative, convertible preferred stock, $100 par, 10,000 shares outstanding during all of 2021; each share of preferred stock is convertible into 5 shares of common beginning in 2025 $ 1,000,000
Income tax rate 21%
Weighted average of common shares outstanding 600,000
At December 31, 2020, there were no dividend arrearages on the preferred stock.
Problem 1: For the year ended December 31, 2021, what is basic earnings per share?
Problem 2: For the year ended December 31, 2021, what is diluted earnings per share, and is it reported on the income statement?
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