CCTG-3323-5008 > Assignments > Ch 16: Homework Ch 16: Homework Send to Gradebook Question 1 View Policies Current Attempt in Progress On January 1, 2020, Cheyenne Company issued 10-year, $2,060,000 face value, 6% bonds, at par. Each $1.000 bond is convertible into 15 shares of Cheyenne common stock. Cheyenne's net income in 2020 was $535,600, and its tax rate was 20%. The company had 103,000 shares of common stock outstanding throughout 2020. None of the bonds were converted in 2020. (a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, es $2.55) Diluted earnings per share $ (b) Compute diluted earnings per share for 2020, assuming the same facts as above, except that $1,030,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Cheyenne common stock. (Round answer to 2 decimal places, es $2.55) Diluted earnings per share $ e Textbook and Media Save for Later Attempts: unlimited Submit Answer MacBook Pro