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Please do in excel and please show your work - provide steps and how you got to that answer - it will be greatly appriciated

Please do in excel and please show your work - provide steps and how you got to that answer - it will be greatly appriciated

Busby Ltd. Busby Ltd. (BL) reported a net income of $3,200,000 for the year ended December 31, 2019. It had cumulative preferred shares outstanding with a dividend entitlement of $400,000, but no dividend was declared in 2019. BL had 500,000 common shares outstanding at the beginning of the year. The following events occurred in 2019 related to BLs common shares:

- March 31 100,000 shares issued

- July 1: 2 for 1 stock split

- December 1: 60,000 shares issued

- December 20: 20% stock dividend

a) You have been asked to calculate BLs basic EPS.

b) Now assume that instead of issuing 60,000 shares on December 1, BL reacquired 60,000 shares. You have been asked to calculate BLs basic EPS. Please ensure that you provide detailed supporting calculations and round all amounts other than those expressed per share to the nearest dollar or share. Per share amounts should be rounded to the nearest cent.

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