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What should be the diluted earnings per share

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Question: At December 31, 2020, Professor Company had 450,000 shares of ordinary shares outstanding. On September 1, 2020, an additional 150,000 shares of ordinary shares were issued. In addition, Professor had P10,000,000 of 6% convertible bonds outstanding at December 31, 2019 which are convertible into 300,000 shares of ordinary shares. The carrying value of the bonds as of December 31, 2019 and based on a rate of 8% is P9,205,800. No bonds were converted into ordinary shares in 2020. The net income for the year ended December 31, 2020 was P3,750,000.

Assuming the income tax rate was 32%, what should be the diluted earnings per share for the year ended December 31, 2020 of Professor Company?

Reference no: EM132738315

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