Based on the following information:

During 20CY, Park paid 45,000 in dividends on the preferred stock.

Net income was $980,000 and the income tax rate as 40%

Please show work

20LY 20CY common stock 90,000 90,000 preferred stock, convertible into 30,000 30,000 30,000 shares of common

10% bonds, convertible into 1,000,000 1,000,000 20,000 shares of common

For the year ended December 31, 20CY, basic earnings-per-share is: a. $10.89 b. $10.39 c. $ 8.17 d. $7.79

For the year ended December 31, 20CY, diluted earnings per share is: a. $9.82 b. $8.29 c. $7.71 d. $7.43