Exercise 16-23 On June 1, 2015, Vaughn Company and Bramble Company merged to form Sunland Inc. A total of 764,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis On April 1, 2017, the company issued an additional 579,000 shares of stock for cash. All 1,343,000 shares were outstanding on December 31, 2017 Sunland Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2017 . Each $1,000 bond converts to 40 shares of common at any interest date. None of the bonds have been converted to date. Su land Inc. is preparing its annual report for the fiscal year ending December 31, 2017 The annual report will show earnings per share ngures based upon a reported after-tax net income of1,408,000 he tax rate is 40%. Determine the following for 2017 (a) The number of shares to be used for calculating: (Round answers to O decimal places, e.g. $2,500.) (1) Basic earnings per share (2) Diluted earnings per share shares shares (b) The earnings figures to be used for cakculating: (Round answers to O decimal places, e.g. $2,500.) (1) Basic earnings per share (2) Diluted earnings per share Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: O of 15 used SAVE FOR LATER SUBIT