Jeju Island Corporation reports the following information for 2020: Net income of $2,000,000 and 2,000,000 weighted average number of shares outstanding for the accounting period. 10,000 shares of convertible $100 par, 8% preferred stock were issued on January 1, 2019. Each share is convertible into 10 shares of shares of common stock and no dividends have been paid in 2019 or 2020. Convertible bonds were sold at par for $50,000 on April 1, 2020. The face value of each bond is $1,000, with an interest rate of 12%. Each bond is convertible into 1,000 shares of common stock. * A total of 20,000 unexpired stock options outstanding during 2020, 10,000 issued with an exercise price of $10 and the other 10,000 issued at an exercise price of $25. * The tax rate is 20% and the stock price at the end of the year is $20 per share. Required (show work and label answers): 1. Calculate basic earnings per share. 2. Calculate diluted earnings per share