A$20-29$ EPS, Cascade $($LO $20-2,20-3,20-4)$

Ashante Sports Collections Ltd$.($ASCL$)$ ended $205$ with $860,000$ common shares outstanding, after Issuing $250,000$ common shares for cash on $31$ December. The tax rate is $30\%.$ There were no other common share transactions during the perlod. Net earnings were $$1,380,000.$ The following elements are part of ASCL's capital structure:

a$.$ ASCL had $$5,800,000($par value$)$ of $4\%$ bonds payable outstanding during the year. The bonds are convertible into $60$ common shares for each $$1,000$ bond. Bond interest expense was $$411,000$ for the year.

b$.$ ASCL had $48,000$ options outstanding throughout $205$ to purchase $205,000$ common shares for $$11$ per share. The average share price during the year was $$23.$ The options were not exercisable until $2010$

c$.$ ASCL had $78,000,$ $$205$ preferred shares outstanding. The shares were cumulatlve. No dividends were declared in $20$X$6.$ The shares were convertible into $58,000$ common shares.

d$.$ ASCL had a contingent share agreement outstanding to Issue $58,000$ common shares to the prior shareholders of a company that ASCL had acquired in $202$ The shares become issuable if the acquired company's operations accumulate $$5,800,000$ of postacquisition earnings before the end of $208.$ Earnings have been $$3,580,000,$ to date, and the target is expected to be met in $20$X$7$

e$.$ ASCL had $$8,800,000($par value$)$ of $3\%$ bonds payable, Issued on $31$ March $205.$ The bonds are convertible into $50$ common shares for each $$1,000$ bond. Bond interest expense was $$289,750$ for the $9$ months of the year that the bond was outstanding.

Required:

Compute basic and diluted EPS for $20$x$5.($Do not round Intermedlate calculatlons. Round your answers to $2$ decimal places.$)$

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