Part III: Problem (Earnings Per Share) On January 1st,2025, Bayou Barbie Inc. had 826,000 shares outstanding. During the year, Bayou Barbies took part in the following selected transactions. - On April 1st, 2025, the company issued an additional 653,000 shares of stock for cash. - On July 1 st, 2025 , the company issued $600,000 of 20 -year, 9% convertible bonds at 99 . Each $1,000 bond converts to 38 shares of common stock at any interest date. - On July 1th,2025,$100,000 of convertible bonds were immediately converted to common stock. The par value of common stock is $1. - The annual report shows an after-tax net income of $1,407,000. - The tax rate is 20%. - The company does not have any preferred stocks. 1. Prepare journal entries for bond issuance on July 1ts. 2. Prepare journal entries for bond conversion on July 1st.. 3. Calculate basic earnings per share for 2025 . 4. Calculate diluted earnings per share for 2025