7. XYZ Co. has Net Income of $576,000 for Year 2022 and weighted average number of shares outstanding of 210,000. No Preferred Stock is outstanding. XYZ Co. has the following Convertible Bonds outstanding during the year 2022. - 6%$500,000 Convertible Bond sold at par in a prior year, convertible to 10,000 shares of Common Stock - 8%$300,000 Convertible Bond sold at par on October 1, 2022 of the current year, convertible to 6,000 shares of Common Stock. Assume a tax rate of 30% for XYZ Co. a) Compute Basic Earnings Per Share b) Compute Diluted Earnings Per Share