Exercise 16-24 The Marigold Corporation issued 10-year, $4,440,000 par, 7% callable convertible subordinated debentures on January 2, 2017, The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 14:1, and in 2 years it will increase to 16:1. At the date of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Marigold's effective tax was 35%. Net income in 2017 was $7,950,000, and the company had 2,075,000 shares outstanding during the entire year (a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.) Basic earnings per share s Diluted earnings per shares Click if you would like to Show Work for this question: Open Show Work