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Albany Corp. earned net income of $500,000 in 2021 and had 100,000 shares of common...

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Accounting

Albany Corp. earned net income of $500,000 in 2021 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 8% bonds, which are convertible into 20,000 shares of common. Albanys tax rate is 30%. Compute Albanys 2021 diluted earnings per share.

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