1.) Assume that the following data relative to Kane Company for 2019 is available: Net Income $2,100,000 Transactions in Common Shares Change Cumulative Jan. 1, 2019, Beginning number 700,000 Mar. 1, 2019, Purchase of treasury shares (60,000) 640,000 June 1, 2019, Stock split 2 for 1 640,000 1,280,000 Nov. 1, 2019, Issuance of new shares 240,000 1,520,000 6% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 share of common (adjusted for split) $1,000,000 8% Convertible bonds issued at face value in 2018. Each $1,000 bond is convertible into 30 shares of common stock (adjusted for split) $2,000,000 Stock Options Exercisable at the option price of $25 per share. Average share price in 2019, $30 (market price and option price adjusted for stock split) 90,000 shares Required: 1. Compute the basic earnings per share for 2019. (Round to the nearest penny.) 2. Compute the diluted earnings per share for 2019. (Round to the nearest penny.)