Kimchi Corporation reports the following information for $2023$:

Kimchi had $3,500,000$ shares of common stock outstanding at the beginning of the year and issued $1,000,000$ more shares on July $1,2023.$ The firm also has $5,000$ shares of $$25$ par, $5\%$ cumulative preferred stock. Kimchi did not pay dividends in either $2022$ or $2023.$

Convertible bonds were sold at par for $$100,000$ on April $1,2023.$ The face value of each bond is $$1,000,$ with an interest rate of $9\%.$ Each bond is convertible into $250$ shares of common stock.

$100,000$ unexpired stock options were outstanding for the entire period during $2023.$ The options have an exercise price of $$18$ and the stock price at the end of the year is $$28$ per share.

Kimchi's $2023$ after$-$tax net income is $$3,500,000$ and corporate tax rate is $21\%.$

Required $($show work and label answers$),$ determine:

Basic earnings per share as reported by Kimchi on its $2023$ income statement.

Diluted earnings per share as reported by Kimchi on its $2023$ income statement $($if anti$-$dilutive, show calculations to support that and then state that it would not be reported$).$Show all work for each question and label answers in bold.