Dulehea Corporation had $900,000 of net income in 2018. On January 1,2018, there were 220,000 shares of common stock outstanding. On April 1, 20,000 shares were issued. On July 1, Dulcinea issued a 10% stock dividend and on September 1, Dulcinea bought 30,000 shares of treasury stock. The market price of the common stock averaged S50 during 2018. The tax rate is 40%. During 2018, there were 20,000 shares of cumulative, convertible preferred stock outstanding. The preferred is $100 par, pays $7 per share in dividends per year and each share of preferred stock is convertible into three shares of common stock. Dulcinea issued $4,000,000 of 8% convertible bonds at face value during 2010. All bonds remained outstanding throughout 2018. Each $1,000 bond is convertible into 20 shares of common stock. Required: Calculate the weighted average number of shares outstanding for 2018 to be used to calculate basic earnings per share Compute basic earnings per share. a. b. Calculate the number of shares to be used to calculate diluted earnings per C. shares d. Compute diluted earnings per share