8) Using the following information calculate basic and diluted earnings per share: (12 Points) a) Common stock shares issued as of January 1 of the current year 120,000. b) Issued 20,000 shares of common stock on July 1 of the current year. c) Issued 30,000 shares of common stock on October 1 of the current year. d) Issued 12,000 shares of common stock on December 1 of the current year. e) Total common stock shares issued as of December 31 of the current year are 182,000. f) Net Income is $3,502,500. 8) The tax rate is 20%. h) 4% Preferred Stock $50 par 20,000 shares issued. i) Each share of the Preferred stock can be converted into 3 shares of common stock. i) Face value of convertible bonds is $100,000. k) The bonds were issued at a discount of $15,000 and the effective rate is 2%. 1) Each $1,000 bond can be converted into 25 shares of stock. m) There are 10,000 options with a market price of $5 and an option price of $2