C.) An entity had the following securities outstanding at the beginning of the current yean 10% convertible bonds payable, each P1 ,000 bond convertible 10% convertible cumulative preference s Ordinary shares, P100 par, 300 shares authorized, 200,000 shares Into 10 ordinary shares 5 million 5 million 10 million hare, P100 par, One preference share convertible into 2 ordinary shares Issued Net income Income tax rate 6 million 30% Questions: 1. What is the basic earnings per share? 2. What is the diluted earnings per share