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Novak Corporation reported net income of $497,250 in 2017 and had 206,000 shares of common stock outstanding throughout the year. Also outstanding all year were

Novak Corporation reported net income of $497,250 in 2017 and had 206,000 shares of common stock outstanding throughout the year. Also outstanding all year were 45,000 options to purchase common stock at $10 per share. The average market price of the stock during the year was $15. Compute diluted earnings per share

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