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Problem
On June 30, year 1, Lomond, Inc. issued 21, $10,000, 7% bonds at par. Each bond was convertible into 200 shares of common stock. On January 1, year 2, 10,000 shares of common stock were outstanding. The bondholders converted all the bonds on July 1, year 2. The following amounts were reported in Lomond's income statement for the year ended December 31, year 2:
Revenues $977,000
Operating expenses $920,000
Interest on bonds $7,350
IBT $49,650 Income before income tax
Income tax 30% $14,895
Net income $34,755
Required: What is Lomond's year 2 diluted earnings per share?
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