On December 31,2023 , Chi Chow Company had outstanding 530,000 shares of common stock and 53,000 shares of 8% cumulative preferred stock (par $10). - February 28,2024 , issued an additional 49,000 shares of common stock - September 1, 2024, 10,300 shares were retired. - A 12% stock dividend was declared and distributed on July 1,2024. - At year-end, there were fully vested incentive stock options outstanding for 43,000 shares of common stock (adjusted for the stock dividend). The exercise price was $16. The market price of the common stock averaged $20 during the year. Also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2021 and convertible into 63,000 common shares (adjusted for the stock dividend). Net income was $1,030,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Round your answers to 2 decimal places. On December 31,2023 , Chi Chow Company had outstanding 530,000 shares of common stock and 53,000 shares of 8% cumulative preferred stock (par $10). - February 28,2024 , issued an additional 49,000 shares of common stock - September 1, 2024, 10,300 shares were retired. - A 12% stock dividend was declared and distributed on July 1,2024. - At year-end, there were fully vested incentive stock options outstanding for 43,000 shares of common stock (adjusted for the stock dividend). The exercise price was $16. The market price of the common stock averaged $20 during the year. Also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2021 and convertible into 63,000 common shares (adjusted for the stock dividend). Net income was $1,030,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Round your answers to 2 decimal places