Jones Corporation's capital structure follows. December 31 2020 Outstanding shares of stock Common stock, outstanding shares. Convertible preferred stock, outstanding shares 8% Convertible bonds 110,000 10,000 $1,000,000 During 2020, Jones declared and paid dividends of $3.00 per share on its preferred stock. The preferred shares are convertible into 20,000 shares of common stock. The 8% bonds are convertible into 30,000 shares of com- mon stock. Net income for 2020 is $850,000. Assume that the income tax rate is 25%. Required Compute basic EPS for 2020. b. Compute diluted EPS for 2020. a