CALCULATOR Exercise 16-23 On June 1, 2018, Nash Company and Crane Company merged to form Creyenne Inc. A total of 757,000 shares were issued to complete the merger. The new corporation reports on a cedar-year basis. On April 1, 2020, the company issued an additional 625.000 shares of stock for cash. A 1,385.000 shares were outstanding on December 31, 2020 Cheyenne Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 4 shares of common at any interest date one of the bonds have been converted to date Cheyenne Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon reported for tax netcome of $1,541,000. (The rate is 20%.) Determine the following for 2020 (a) The number of shares to be used for calculating: (Round answers to decimal places, s. 82,500.) (1) Basic earnings per share shares (2) Diluted earnings per share shares (b) The earnings figures to be used for calculating: (Round answers to decimal places, 32,500) (1) Basic earnings per share (2) Diluted earnings per share Click if you would like to show Work for this question Open Show Work CALCULATOR Exercise 16-23 On June 1, 2018, Nash Company and Crane Company merged to form Creyenne Inc. A total of 757,000 shares were issued to complete the merger. The new corporation reports on a cedar-year basis. On April 1, 2020, the company issued an additional 625.000 shares of stock for cash. A 1,385.000 shares were outstanding on December 31, 2020 Cheyenne Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 4 shares of common at any interest date one of the bonds have been converted to date Cheyenne Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon reported for tax netcome of $1,541,000. (The rate is 20%.) Determine the following for 2020 (a) The number of shares to be used for calculating: (Round answers to decimal places, s. 82,500.) (1) Basic earnings per share shares (2) Diluted earnings per share shares (b) The earnings figures to be used for calculating: (Round answers to decimal places, 32,500) (1) Basic earnings per share (2) Diluted earnings per share Click if you would like to show Work for this question Open Show Work