At the beginning of the current reporting period (1 July 2019 30 June 2020) Daintree Ltd has 60 000 ordinary shares on issue. The company issued additional fully paid ordinary shares by way of a rights issue on 1 October 2019. The right provided an additional share for every 4 held and the exercise price is $4. The market price of one share immediately before exercise on 1 October 2019 was $2. At the end of the current reporting period, Daintree Ltd determined profit attributable to ordinary shareholders at $334 650. The basic earnings per share for the year ended 30 June 2019 was $2.25.

Required

(i) Determine the theoretical ex-rights value per share, the rights adjustment factor, and the basic earnings per share.

(ii) Calculate the adjusted comparative earnings per share for 2019 to be disclosed in the financial statements for the year ending 30 June 2020.