Alejandro Corp. has 500,000 shares of common stock outstanding throughout 2019. In addition, the corporation has 20,000 shares of $20 par, 5% convertible preferred stock which it issued on August 1, 2019. The preferred stock was noncumulative and each share is convertible into 4 shares of common stock. During 2019, the corporation earned net income of $800,000. The tax rate was 20%. Alejandro did not declare a dividend in 2019. What should be the diluted earnings per share reported in the financial statements for the year ended December 31, 2019, rounded to the nearest penny? $1.75. $1.05. $1.60. O $1.50