Exercise 16-25 On January 1, 2017, Whispering Company issued 10-year, $2,010,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Whispering common stock. Whispering's net income in 2017 was $322,000, and its tax rate was 40%. The company had 108,000 shares of common stock outstanding throughout 2017. None c the bonds were converted in 2017 (a) Compute diluted earnings per share for 2017. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share (b) Compute diluted earnings per share for 2017, assuming the same facts as above, except that $1,080,000 of 6% convertible preferred stock was issued instead of the shares of Whispering common stock. (Round answer to 2 decimal places, e.g. $2.55.) bonds, Each $100 preferred share is convertible into Diluted earnings per share