PLEASE show your work as neatly as possible. Thanks

The Choco Inc. Corporation has the following information as of December 31, 20X0:

8% Preferred Stock $50 par 6250 shares outstanding....$312,500

Common Stock $2 par 250,000 shares outstanding (as of Jan 1).....$500,000

10% Bonds Payable $200,000

Discount on Bonds Payable $16,000......$184,000

One share of preferred stock can be converted into 16 shares of common stock. Each $1,000 bond can be converted into 200 shares of common stock. The effective rate on the bonds is 12%. The effective tax rate is 30%. Common stock issued: 36,000 shares on 4/1, 2,000 shares on 7/1, and 12,000 shares on October 1.

Net profit for the year ended December 31, 20X0 is $544,750. Management holds 10,000 options to buy common stock at $6 per share. The market price of the common stock at December 31, 20X0 is $20 per share.

a) calculate basic earnings per share

b) calculate diluted earnings per share