(Modified from E19-21) Information from the financial statements of Buckeyes, Inc., included the following: Common shares 2022 December 31 2021 $100,000 $100,000 Convertible preferred shares $10,000 $10,000 (convertible into 60,000 shares of common) 8% convertible bonds $1,000,000 $1,000,000 (convertible into 40,000 shares of common) Buckeyes' net income for the year ended December 31, 2022, is $500,000. The income tax rate is 25%. Buckeyes paid dividends of $4.50 per share on its preferred stock during 2022. Required: Compute basic and diluted earnings per share for the year ended December 31, 2022. Show detailed calculations to earn step points!