A section of the balance sheet of Delta Corporation is provided below. Delta Corporation Selected Balance Sheet Information At December 31, 2018 Long-Term Debt: Notes Payable, 10% 12% Convertible Bonds Payable Total Long-Term Debt $ 2,000,000 6,000,000 $ 8,000,000 Shareholders' Equity: $ 4,500,000 $5 cumulative dividend, convertible preferred shares, no par value; 200,000 shares authorized, 120,000 shares issued and outstanding Common Shares, no par value; 5,200,000 shares authorized, 1,500,000 shares issued and outstanding Contributed Surplus Retained Earnings Total Shareholders' Equity 1,500,000 3,400,000 6,500,000 $15,900,000 Notes and Assumptions December 31, 2018 1. Options were granted/written in December 2016 to purchase 60,000 common shares at $25 per share. The average market price of Delta's common shares during 2018 was $30 per common share. The options expire in 2020 and no options were exercised during 2018. 2. The 12% bonds were issued in 2017 at face value. Each convertible bond is convertible into 50 common shares (each bond has a face value of $1,000). 3. The $5 cumulative, convertible preferred shares were issued at the beginning of 2016. Each preferred share is convertible into 3 common shares. 4. The average income tax rate is 40%. 5. The 1,500,000 common shares were issued at $1 per share and were outstanding during the entire year. 6. Preferred dividends were not declared in 2018. 7. Net income was $4,200,000 in 2018. 8. No bonds or preferred shares were converted during 2018 Required: (Show all calculations) a) Calculate basic earnings per share for Delta for 2018. b) Calculate diluted earnings per share for Delta for 2018 by following the proper steps. c) Show the presentation of earnings per share for Delta for 2018