Acc423 Intermediate Accounting: BE16-12 Rockland Corporation earned net income of $300,000

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Acc423 Intermediate Accounting

BE16-12
Rockland Corporation earned net income of $300,000 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are convertible into 16,000 shares of common. Rockland’s tax rate is 40%. Compute Rockland’s 2012 diluted earnings per share. (Round answer to 2 decimal places, e.g. 2.13.)
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