Champion Incorporated reported the following data in its financial statements for the fiscal year ending September 30, 2021: Number of stock options outstanding for purchase of common shares, exercisable at $16 per share 127,100 $3,790,000 Book value of 9% cumulative, convertible preferred shares Dollar value of 8% convertible bonds $3,836,000 1,160,000 Average number of common shares outstanding during 2021 Net income for 2021 $5,629,000 Income tax rate for 2021 24% The cumulative preferred shares outstanding can be converted to a total of 107,000 common shares. The bonds can be converted to a total of 89,000 common shares. All the preferred shares, bonds, and stock options were outstanding for the entire 24% Income tax rate for 2021 The cumulative preferred shares outstanding can be converted to a total of 107,000 common shares. The bonds can be converted to a total of 89,000 common shares. All the preferred shares, bonds, and stock options were outstanding for the entire 2021 fiscal year. The average market price of the common shares in the 2021 fiscal year was $21. $^ Required: 1. Calculate basic earnings per share for Champion Incorporated for the year ended September 30, 2021. (2 marks) 2. Calculate diluted earnings per share for Champion Incorporated for the year ended September 30, 2021