During 2021, Oxford Company had 100,000 shares of $5 par value common stock and 5,000 shares of 5%, $100 par value convertible preferred stock outstanding. Each share of preferred stock may be converted into two shares of common stock. Oxford Company's 2021 net income was $1,500,000. a) Compute basic earnings per share for 2021. b) Compute diluted earnings per share for 2021. Remember to make all calculations clear. It is highly recommended that you use Excel for this and let Excel do the calculations