Cullumber Inc. had net income for the fiscal year ended June 30,2020 , of $5,100,000. There were 500,000 common shares outstanding throughout 2020. The average market price of the common shares for the entire fiscal year was $60. Cullumber's tax rate was 25% for 2020 . Cullumber had the following potential common shares outstanding during 2020 : 1. Options to buy 130,000 common shares at $45 per share. 2. 130,000 convertible preferred shares entitled to a cumulative dividend of $10 per share. Each preferred share is convertible into 1.5 common shares. 3. 6% convertible bonds with a principal amount of $38,300,000, issued at par. Each $1,000 bond is convertible into 25 common Calculate the income effect of the dividends on preferred shares. Dividends on preferred shares $ Question Part Score Calculate basic earnings per share for 2020. (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share $ Determine an incremental per share effect for $10 preferred shares. (Round earnings per share to 2 decimal places, e.g. 15.25.) Calculate the proceeds from assumed exercise of 130,000 options. Proceeds from exercise of options $ Calculate the incremental shares oustanding upon the exercise of options. The incremental shares oustanding upon the exercise of options Calculate the after-tax interest paid on the 6% bonds. After-tax interest on 6% bonds converted $ Determine an incremental per share effect for 6% bonds. (Round earnings per share to 2 decimal places, e.g. 15.25.) Rank the potentially dilutive securities from most dilutive to least dilutive. 6% Bonds $10 Preferred shares Options Calculate diluted earnings per share for 2020. (Round earnings per share to 2 decimal places, e.g. 15.25.) Diluted EPS