Data for Davidson Powder Company at the end of 2018 follow. All bonds are convertible as indicated and were issued at their face amounts. Description of Bonds 10-year, 6 % convertible bonds Amount Date Issued Conversion Terms $700,000 1,000,000 1,000,000 1/1/2010 1/1/2015 6/30/16 100 shares of common for each $1,000 bond 50 shares of common for each $1,000 bond 32 shares of common for each $1,000 bond 20-year, 7% convertible bonds 25-year, 10%% convertible bonds Additional information: Common shares outstanding at December 31, 2017....... ......................700,000 Net income for 2018. Income tax $1,400,000 3090 RNCORRIC UK nale." INSTRUCTIONS: Compute the basic and diluted EPS for 2018, assuming that no additional shares of common stock were issued during the year