1-Earnings Per Share [13 marks] Innovation Limited earned net income of $42,330,000 for the fiscal year ended December 31, 2019. The share capital in issue as of January 1, 2019 includes 24,000,000 ordinary shares with $0.50 per share, and 5,000,000 10% cumulative preference shares with $1.00 per share. The following transactions occurred during 2019. May 1, 2019: 1-for-4 bonus issue of ordinary shares. August 1, 2019: Repurchase of 1,800,000 own ordinary shares at a price of $1.15 per share from the stock market. September 1, 2019: Top executives were granted options to purchase a total of 1,100,000 unissued ordinary shares at a price of $1.00 per share. The average fair value of the shares during the year was $1.45. No options had been exercised until the end of 2019. Innovation Limited reported both basic and diluted earnings per share to be $1.26 for the year ended December 31, 2018. Required: (a) Calculate the basic EPS figure for 2019 and restate the basic EPS figure for 2018. (b) Calculate the diluted EPS figure for 2019