Colnago Corporation reports the following capital structure at the beginning and end of the year: Beginning End Preferred stock, $10 par value, 2,000 shares issued and outstanding at January 1 and December 31 $20,000 $20,000 Common stock. $10 par value, 7,000 shares issued; 7,000 shares outstanding at 40,000 40,000 beginning and end of year Additional paid-in capital 240,000 240,000 Retained earnings 160,000 182,000 Treasury shares-common Total shareholders equity $460,000 $482.000 Retained earnings changed during the year as follows: Retained earnings, beginning $160,000 Net income 32,000 Preferred stock dividends (2.000) Common stock dividends (8,000) Retained earnings, and $182,000 Each share of preferred stock is convertible into o5 share of common stock, Compute diluted EPS for the year. S400 375 ticle