Convertible Preferred Stock, Convertible Bonds, and EPS Francis Company has 21,600 shares of common stock outstanding at the beginning of 2019 . Francis issued 2,700 additional shares on May 1 and 1,800 additional shares on September 30. It also has two convertible securities outstanding at the end of 2019. These are: 1. Convertibie preferred stock: 2,250 shares of 8.0%,$50 par, preferred stock were issued on January 2,2016 , for $60 per share. Each share of preferred stock is convertible into 3 shares of common stock. Current dividends have been deciared and paid. To date, no preferred stock has been converted. 2. Convertible bonds: Bonds with a face value of $225,000 and an interest rate of 6.0% were issued at par in 2018 . Each $1,000 bond is convertible into 25 shares of common stock. To date, no bonds have been converted. Francis earned net income of $75,000 during 2019 . The income tax rate is 30%. Required: 1. Compute the number of shares of common stock that Francis should use in calculating basic earnings per share for 2019. Weighted average shares outstanding: shares Feedteck Chock Mr Wors 2. Calculate basic earnings per share for 2019. If required, round your answer to two decimal places. Basic earnings per share: \$ 3. Calculate diluted earnings per share for 2019 and the incremental EPS of the preferred stock and convertble bonds. If required, round your answers to two decimal places. Diluted earnings per share: $ x Feediack - Check My Wors 4a. Assume the same facts as above except that net income included a loss from discontinued operations of $12,900 net of income taxes. Compute basic EPS, If required, round your answer to two decimal places. Basic earning per share: 5 Check Mr Work Incorrect 4b. Show how the basic EPS you calculated should be reported to shareholders. You do not have to calculate diluted EPS. Francis Company 4a. Assume the same facts as above except that net income included a loss from discontinued operations of $12,900 net of income taxes. Compute basic EPS. If required, round your answer to two decimal places. Basic earning per share: \$ Feodeack ronock My Wark Incorrect 4b. Show how the basic EPS you calculated should be reported to shareholders. You do not have to calculate diluted EPS