6. During 2019 (the entire year), F Inc. had outstanding 1,000,000 shares of $2 par value common stock and 50,000 shares of 5%, $100 par value, cumulative preferred stock. The preferred stock is convertible into 250,000 shares of common stock. During 2019, F declared and paid a $150,000 cash dividend on its preferred stock and a $150,000 cash dividend on its common stock. F also had outstanding $5,000,000 of 10%, 20-year, convertible bonds payable. The bonds are convertible into 100,000 shares of common stock. F also had outstanding stock options to purchase 40,000 shares of common stock at $20 a share. The market price of the stock was $15/share. During 2019, F earned net income of $1,250,000 and its effective income tax rate was 25%. INSTRUCTIONS a. Determine the corporation's basic earnings per share. (5 points) b. Determine the corporation's diluted earnings per share. (10 points)