Page 12 of 20 * 5: Earnings Per Share art 5: E (15 marks) Frame Corporation had the following capital structure at December 31, 2016: $2,000,000 20-year, 8% bonds payable, $1,000 face value, convertible into 2 common shares Preferred shares, no par value, $6 cumulative, convertible into 2 common shares, 40,000 shares authorized, 10,000 outstanding Common shares, 100,000 authorized, 50,000 outstanding Warrants, 5,000 outstanding, each to purchase 1 common share for $60 360,000 250,000 Net income for the year ended December 31, 2016 was $600,000 and the average market value of each common share was $75 during 2017. Frame is subject to a 30% income tax rate. The capital structure remained constant throughout 2016. Required: Calculate the appropriate earnings per share amounts for 2016