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Exercise 16-23 On June 1, 2015, Sage Company and Pronghorn Company merged to form Stellar Inc. A total of 769,000 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 580,000 shares of stock for cash. All 1,349,000 shares were outstanding on December 31, 2017 Stellar nc. 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 one of the bonds have been converted to date. Stellar Inc. is preparing its annual report for the fiscal year ending December 31, 2017. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,577,000. (The 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 (b) The earnings figures 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 Click if you would like to Show Work for this question: Qpen blank Show Work shares shares CoRy Show Work from Previous attempt