Ashante Sports Collections Ltd. (ASCL) ended 20x5 with 880,000 common shares outstanding, after issuing 255,000 common shares for cash on 31 December. The tax rate is 40%. There were no other common share transactions during the period. Net earnings were $1,390,000. The following elements are part of ASCL's capital structure: a. ASCL had $5,900,000 (par value) of 6% bonds payable outstanding during the year. The bonds are convertible into 80 common shares for each $1,000 bond. Bond interest expense was $412,000 for the year. b. ASCL had 49,000 options outstanding throughout 20x5 to purchase 215,000 common shares for $12 per share. The average share price during the year was $24. The options were not exercisable until 20x0. C. ASCL had 79,000, $2.15 preferred shares outstanding. The shares were cumulative. No dividends were declared in 20X6. The shares were convertible into 59,000 common shares. d. ASCL had a contingent share agreement outstanding to issue 59,000 common shares to the prior shareholders of a company that ASCL had acquired in 20x2. The shares become issuable if the acquired company's operations accumulate $5,900,000 of post-acquisition earnings before the end of 20X8. Earnings have been $3,590,000, to date, and the target is expected to be met in 20x7. e. ASCL had $8,900,000 (par value) of 5% bonds payable, issued on 31 March 20x5. The bonds are convertible into 40 common shares for each $1,000 bond. Bond interest expense was $290,250 for the 8 months of the year that the bond was outstanding. Required: Compute basic and diluted EPS for 20X5. (Do not round intermediate calculations. Round your answers to 2 decimal places.) 20x5 Basic EPS Diluted EPS Ashante Sports Collections Ltd. (ASCL) ended 20x5 with 880,000 common shares outstanding, after issuing 255,000 common shares for cash on 31 December. The tax rate is 40%. There were no other common share transactions during the period. Net earnings were $1,390,000. The following elements are part of ASCL's capital structure: a. ASCL had $5,900,000 (par value) of 6% bonds payable outstanding during the year. The bonds are convertible into 80 common shares for each $1,000 bond. Bond interest expense was $412,000 for the year. b. ASCL had 49,000 options outstanding throughout 20x5 to purchase 215,000 common shares for $12 per share. The average share price during the year was $24. The options were not exercisable until 20x0. C. ASCL had 79,000, $2.15 preferred shares outstanding. The shares were cumulative. No dividends were declared in 20X6. The shares were convertible into 59,000 common shares. d. ASCL had a contingent share agreement outstanding to issue 59,000 common shares to the prior shareholders of a company that ASCL had acquired in 20x2. The shares become issuable if the acquired company's operations accumulate $5,900,000 of post-acquisition earnings before the end of 20X8. Earnings have been $3,590,000, to date, and the target is expected to be met in 20x7. e. ASCL had $8,900,000 (par value) of 5% bonds payable, issued on 31 March 20x5. The bonds are convertible into 40 common shares for each $1,000 bond. Bond interest expense was $290,250 for the 8 months of the year that the bond was outstanding. Required: Compute basic and diluted EPS for 20X5. (Do not round intermediate calculations. Round your answers to 2 decimal places.) 20x5 Basic EPS Diluted EPS