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Cussatt Corporation has 1,000,000 shares of common stock outstanding throughout y8. In addition, the corporation has...

Cussatt Corporation has 1,000,000 shares of common stock outstanding throughout y8. In addition, the corporation has 5,000, 20-year, 7% bonds issued at par in y2. Each $1,000 bond is convertible into 40 shares of common stock after 9/23/y5. During the year y8, the corporation earned $1,000,000 after deducting all expenses. The tax rate was 30%.

Calculate the required earnings per share for y8. You must show all work to earn full credit.

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