nt CALCULATOR PULL SCREEN PRINTER VERSION NEET Exercise 16-23 On June 1, 2018, Nash Company and Crane Company merged to form Cheyenne Inc. A total of 757,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2020, the company issued an additional 628,000 shares of stock for cash. All 1,385,000 shares were outstanding on December 31, 2020 Cheyenne Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 42 shares of common at any interest date. None of the bonds have been converted to date. Cheyenne Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show carnings per share figures based upon a reported after tax net income of $1,541,000. (The tax rate is 20%.) Determine the following for 2020 (a) The number of shares to be used for calculating: (Round answers to decimal places, .. $2,500.) (1) Basic earnings per share (2) Diluted earnings per share shares Shares (b) The earnings figures to be used for calculating: (Round answers to decimal places. $2,500.) (1) Basic earnings per share (2) Diluted earnings per share Click If you would like to show Work for this question Open Show Work LINK TO TEXT LINTOV