At the beginning of 2021, Cole Co. had 1,200,000 ordinary shares, and 80,000, P50 par, 12% cumulative preference shares issued and outstanding. At the beginning of 2022, the entity issued rights to its ordinary shareholders. 10 rights allow the holder to purchase one share at P40. All of the rights were exercised on April 30, 2022. Immediately prior to the exercise of the rights, Cole's shares were trading at P84. 2021 earnings per share as shown in the comparative amounts in the 2022 profit or loss statement was P2.40. Net income in 2022 was P4,640,000. 1. Compute for Cole's net income in 2021. 2. Compute for Cole's earnings per share in 2022