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During 2021, Angel Corporation had 910,000 shares of common stock and 55,000 shares of 5% preferred stock outstanding. The preferred stock does not have cumulative
During 2021, Angel Corporation had 910,000 shares of common stock and 55,000 shares of 5% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Angel declared and paid cash dividends of $310,000 and $155,000 to common and preferred shareholders, respectively, during 2021. On January 1, 2020, Angel issued $2,010,000 of convertible 4% bonds at face value. Each $1,000 bond is convertible into five common shares. Angel's net income for the year ended December 31, 2021, was $6.15 million. The income tax rate is 25% What is Angel's basic earnings per share for 2021, rounded to the nearest cent? O None of these answer choices are correct. O $6.93. O $6.76. O $6.59
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