Problem 16-08 The information below pertains to Waterway Company for 2021. $1,140,000 2,010,000 Net income for the year 6% convertible bonds issued at par ($1.000 per bond); each bond is convertible into 30 shares of common stock 6% convertible, cumulative preferred stock, 5100 par value; each share is convertible into 3 shares of common stock Common stock, $10 par value Tax rate for 2021 Average market price of common stock dy 3.820,000 5,820,000 20% $25 per share There were no changes during 2021 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 77,900 shares of common stock at $20 per share. (a) Compute basic earnings per share for 2021. (Round answer to 2 decimal places, eg. $2.55.) Basic earrings per share (b) Compute Gluted earnings per share for 2021. (Round ansiver to 2 decimal places, 0,0 $2.55.) Diluted earnings per share Click if you would like to show Work for this