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Information from the financial statements of Flip, Incorporated included the following: ...

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Accounting

Information from the financial statements of Flip, Incorporated included the following:

12/31/2024 12/31/2023
Common Shares 100,000 100,000
Convertible preferred shares (convertible into 76,000 shares of common) 28,800 28,800
8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000

Flips net income for the year ended December 31, 2024, is $780,000.

The income tax rate is 25%.

Flip paid dividends of $5 per share on its preferred stock during 2024.

Required:

Compute basic and diluted earnings per share for the year ended December 31, 2024.

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