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QUESTION 21 Dunn, Inc. had 200,000 shares of $20 par common stock and 20,000 shares of...

QUESTION 21

  1. Dunn, Inc. had 200,000 shares of $20 par common stock and 20,000 shares of $100 par, 6%, cumulative, convertible preferred stock outstanding for the entire current year ended December 31. Each preferred share is convertible into five shares of common stock. Dunn's net income for the year was $840,000. For the current year ended December 31, the diluted earnings per share is

    $2.40

    $2.80

    $3.60

    $4.20
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