3. In 2020 oul Company had Net Income of $550,000 On 1/1/20, there were 100,000 shares of common stock outstanding On 4/1/20, weissued 36,000 shares of common stock On 6/1/20, we issued 24,000 shares of $100 par value, 6% cumulative preferred stock. This preferred stock is convertible into 48,000 shares of common stock On 9/1/20, we issued $6,000,000 of 4% bonds at par. These bonds are convertible into 48,000 shares of common stock. The marginal tax rate is 25% In addition, there are 90,000 options outstanding at 12/31/20 Each option entitled the holder to exchange it for 1 share of common stock at an exercise price of $20 per share The average market price for common stock for 2020 was $50. Be sure to show your calculations! Required: How much is Basic Earnings Per Share? Answer: 4 55 How much is Diluted wings Per Share? 57 58 59 VO 61 62