Norstar Industries and Berclair Corp are publicly traded companies with complex capital structures. A summary of the results of operations for the years 2017 through 2021 are provided in the data set file. The following stock transactions occurred during the year 2021:

6/1 Nortstar Industries issued 8,000 new common shares

10/1 Berclair Corp issued 4,000 new common shares

Further, each company has convertible securities that represent potentially dilutive adjustment: Each share of Nortstar preferred stock is convertible into 2.5 shares of common stock. Each share of Berclair preferred stock is convertible into 1.5 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued for either company. During 2021, both Nortstar and Berclair paid required dividends on its preferred stock.

Requirements: 1. Create an Excel worksheet to display the computation for (a) basic earnings per share for 2021 including weighted-average common shares outstanding and (b) diluted earnings per share for 2021 including weighted-average common shares outstanding for each company. Show all calculations. Format earnings per share using accounting format with 2 decimal places. Label the worksheet EPSCal