Assignment Financial Accounting II ACCT 2036 Due date: March 31, 2020 at 12:00 PM Question # 5 (10 marks) Barker Inc. reported net income (30% tax rate) of $1,600,000 for calendar 2017, and an average of 500,000 common shares outstanding during the year. Barker issued $2,000,000 par value, 10-year, 9% convertible bonds on January 1, 2015 at a $18,000 discount. The bonds are convertible into 60,000 common shares. Barker uses the straight-line method for amortizing the bond discount. Instructions Calculate basic and diluted earnings per share for 2017