On January 1, 2020, Ehrlich had outstanding 300,000 shares of $2 par value common stock and 15,000 shares of 8%, $50 par value, cumulative preferred stock. Each share of preferred stock is convertible into 5 shares of common stock. During 2020, Ehrlich had the following transactions with regards to its common stock: 3/1 purchased 20,000 shares of its common stock 8/1 Declared a 15% stock dividend 9/1 issued 15,000 shares of its common stock During 2020, Ehrlich did not declare the dividend on its preferred stock . During 2020, Ehrlich earned net income of $750,000. INSTRUCTIONS: a. Determine the weighted average number of shares outstanding. b. Determine the corporations basic earnings per share. c. Determine the corporations diluted earnings per share.