Theoretical ex‐rights value, rights adjustment factor and basic earnings per share    LO5 At the beginning of the current reporting period (1 January 2020 – 31 December 2020) Diamond Ltd has 60 000 ordinary shares on issue. The company announced a 1‐for‐5 rights issue on 1 January 2020. The exercise price is $2 and the last date to exercise the rights is 1 April 2020. The market price of one share immediately before exercise on 1 April 2020 was $3. At the end of the current reporting period, Diamond Ltd determined profit attributable to ordinary shareholders at $244 650. Required Determine the theoretical ex‐rights value per share, the rights adjustment factor, and the basic earnings per share.