E 19-21 EPS; convertible preferred stock; convertible bonds; order of entry LO19-7, LO19-9 red: Compute Stanley's basic and diluted earnings per share for the year ended December 31, 2021. Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 32,000 shares of common) 12,000 12,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 1154 SECTION 4 Ames's net income for the year ended December 31, 2021, is $500,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Additional Financial Reporting Issues Required: Compute basic and diluted earnings per share for the year ended December 31, 2021.