In 2022 , Crane Ltd. issued $48,000 of 8% bonds at par, with each $1,000 bond being convertible into 100 common shares. The company had revenues of $71,700 and expenses of $41,700 for 2023 , not including interest and tax. (Assume a tax rate of 25%.) Throughout 2023, 1,200 common shares were outstanding, and none of the bonds were converted or redeemed; (For simplicity, assume that the convertible bonds' equity element is not recorded.) (a) Calculate income available to common shareholders. Income available to commonishareholders Assume that 14 of the 48 bonds were converted on July 1, 2023. Calculate diluted earnings per share for the year ended December 31, 2023. (Round answer to 2 decimal places, eg. 15.25.) Diluted earnings per share $