4 Assume that the following data related to Kane Company for 2021 is available Net Income $2.100.000 Transactions in Common Shares Time 1 Change Cumulative Jan 1, 2021, Beginning number 700,000 Mar. 1, 2021, Purchase of treasury shares (60,000) 640,000 June 1, 2021, Stock split 2-1 640,000 1,280,000 Nov. 1, 2021, Issuance of shares 240,000 1,520,000 6% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000 Stock Options Exercise price, $25 per share. Average market price in 2021, $30 (market price and option price adjusted for split) 90,000 shares Instructions (20 points) (a) Compute the weighted average shares outstanding and the basic earnings per share for 2021. (Round to the nearest penny.) (b) Compute the diluted earnings per share for 2021. (Round to the nearest penny.)