On january 1, 20x4, brock company issued $1,000,000 of 6% cumulative convertible preferred stock. each $100 par preferred share is convertible into 5 shares of brock company common stock. brock company's 20x4 net income was $300,000 and their tax rate was 40%. the company had 100,000 shares of common stock outstanding throughout 20x4. none of the preferred stock was converted in 20x4.compute diluted earnings per share for 2014.

Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). however, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). what is the future value of a 13-year annuity of $2,800 per period where payments come at the beginning of each period? the interest rate is 9 percent. use appendix c for an approximate answer, but calculate your final answer using the formula and financial calculator methods. to find the future value of an annuity due when using the appendix tables, add 1 to n and subtract 1 from the tabular value. for example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to appendix c for n = 6 and i = 10 percent. look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 × 6.716)