Compute Basic EPS & Diluted EPS for 2024

The following additional information is available: a) On September 1, 2024, MacPherson sold 56,000 additional shares of common stock. b) Net income for the year ended December 31,2024 , was $860,000. c) During 2024, MacPherson declared and paid dividends of $5 per share on its preferred stock. d) The 10% bonds are convertible into 40 shares of common stock for each $1,000 bond. e) Unexercised options to purchase 30,000 shares of common stock at $22.50 per share were outstanding at the beginning and end of 2024. f) Options to purchase 20,000 shares of common stock at $38 per share were outstanding for all of 2024 . g) The average market price of MacPherson's common stock during 2024 was $36 per share. h) MacPherson's effective tax rate was 30%. INSTRUCTIONS: Compute basic EPS and diluted EPS for 2024