Assume that the following data relative to Kane Company for 2021 is available: Net Income Transactions in Common Shares Jan. 1, 2021, Beginning number Mar. 1, 2021, Purchase of treasury shares June 1, 2021, Stock split 2-1 Nov. 1, 2021, Issuance of shares $2,100,000 Change Cumulative 700,000 (60,000) 640,000 640,000 1,280,000 240,000 1,520,000 12% Cumulative Convertible Preferred Stock Sold at $100 par, convertible into 50,000 shares of common (adjusted for split, meaning that, if converted, 50,000 shares of common stock will be issued). $1,000,000 Instructions (a) Compute the basic earnings per share for 2021. (Round to the nearest penny.) (b) Compute the diluted earnings per share for 2021. (Round to the nearest penny.)