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Information from the financial statements of Park-Rao Industries included the following at December 31, 2024:...

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Accounting

Information from the financial statements of Park-Rao Industries included the following at December 31, 2024:

Common shares outstanding throughout the year 100 million
Convertible preferred shares (convertible into 25 million shares of common) 80 million
Convertible 8% bonds (convertible into 19.5 million shares of common) $ 2,900 million

Park-Raos net income for the year ended December 31, 2024, is $980 million. The income tax rate is 25%. Park-Raos paid dividends of $2 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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