Q6 - Review Question.

Sunland Corporation earned net income of $340,000 in 2020 and had 119,000 common shares outstanding throughout the year. Also outstanding all year was $770,000 of 10% bonds that are convertible into 25,000 common shares. Sunland's tax rate is 30%. Calculate Sunland's 2020 diluted earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately. (Round answer to 2 decimal places, e.g. 15.25.) Diluted earnings per share $