A20-29 EPS, Cascade (LO 20-2, 20-3, 20-4) Ashante Sports Collections Ltd. (ASCL) ended 20X5 with 905,000 common shares outstanding, after issuing 265,000 common shares for cash on 31 December. The tax rate is 35%. There were no other common share transactions during the period. Net earnings were $1,400,000. The following elements are part of ASCLs capital structure: ASCL had $6,000,000 (par value) of 5% bonds payable outstanding during the year. The bonds are convertible into 70 common shares for each $1,000 bond. Bond interest expense was $413,000 for the year. ASCL had 50,000 options outstanding throughout 20X5 to purchase 230,000 common shares for $13 per share. The average share price during the year was $25. The options were not exercisable until 20X10. ASCL had 80,000, $2.25 preferred shares outstanding. The shares were cumulative. No dividends were declared in 20X6. The shares were convertible into 60,000 common shares. ASCL had a contingent share agreement outstanding to issue 60,000 common shares to the prior shareholders of a company that ASCL had acquired in 20X2. The shares become issuable if the acquired companys operations accumulate $6,000,000 of post-acquisition earnings before the end of 20X8. Earnings have been $3,600,000, to date, and the target is expected to be met in 20X7. ASCL had $9,000,000 (par value) of 4% bonds payable, issued on 31 March 20X5. The bonds are convertible into 30 common shares for each $1,000 bond. Bond interest expense was $290,750 for the 9 months of the year that the bond was outstanding. Required: Compute basic and diluted EPS for 20X5.