ABC CORPORATION HAD $800,000$ SHARES OF COMMON STOCK ISSUED AND OUTSTANDING AT JANUARY $1.$ NO COMMON SHARES WERE ISSUED DURING THE YEAR, BUT ON JANUARY $1.$ABC CORPORATION ISSUED $100\mathrm{.}000$ SHARES OF CONVERTIBLE PREFERRED STOCK. THE PREFERRED SHARES ARE CONVERTIBLE INTO $200\mathrm{.}000$ SHARES OF COMMON STOCK. DURINGTHE YEAR ABC CORPORATION PAID $$60,000$ CASH DIVIDENDS ON THE PREFERRED STOCK. NET INCOME WAS $$1,500,000.$ WHAT WERE ABC CORPORATION'S BASIC AND DILUTEDEARNINGS PER SHARE FOR THE YEAR?