MNO was a partnership which contracted for and performed all types of painting jobs. Before the partnership was dissolved, MNO had entered into a contract under which MNO was to paint every room in the state capitol building. At the time of the partnership dissolution, MNO had not yet performed the work called for by such contract. If the partners involved in the winding up elect to perform the contract, they:

On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e. g. $2.55.) diluted earnings per share