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On December 31,2022, Rhinestone Inc. had 1,000,000 common shares outstanding. The following relates to 2023:...

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Accounting

On December 31,2022, Rhinestone Inc. had 1,000,000 common shares outstanding. The following relates to 2023:
On January 1, Rhinestone issued 250,000 convertible preferred shares with a stated non-cumulative dividend of $1.80 per share. Each preferred share is convertible into 2 common shares.
Rhinestone paid cash dividends of $450,000 to the preferred shares and $150,000 to the common shares.
Net income for the year was $4,500,000.
Assuming an income tax rate of 25%, what is Rhinestone's 2023 diluted earnings per share?

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