For the year ending December 31, 2020, Western Ltd. reported basic earnings per share of $5 as a result of having $1,500,000 in net profit available to ordinary shareholders and 300,000 weighted average number of common shares. Western Ltd. shares are trading at $10.00 per share and Western has a 20% tax rate. The following potentially dilutive elements exist for the year ending December 31, 2020: 1. 20,000, $9 cumulative preferred shares are convertible to common shares at a rate of 2 common shares for each preferred share. 2. $1,500,000, 8%, convertible bonds. The bonds were issued at par and each $1,000 bond was convertible to 50 common shares. 3. 40,000 options allowing the purchase of 60,000 shares at $9 per share. The options become exercisable in 2020. 4. 3,000,000, 10% convertible bonds. The bonds were issued at par and each $1,000 bond was convertible to 10 non shares. 5. 30,000 options allowing the purchase of 45,000 shares at $12 per share. The options become exercisable in 2021. Required: a. Calculate the individual dilutive effect of each dilutive security. Be sure to label each one. (9 marks) b. Based on your calculations in part 1, compute diluted earnings per share for Western Ltd. for 2020. (4 marks)