Problem 16-8 The lnformatlon below pertalns to Klngblrd Company for 2013. Net income for the year $1,150,000 6% convertible bands issued at par ($1,000 per band); each bond is convertible into 30 shares of common stock 1,950,000 6% Convertible, cumulative preferred stock, $100 par value; each share is Convertible into 3 shares of common stock 4,110,000 Common stock, $10 par value 5,950,000 Tax rate for 2013 40% Average market price of common stock 525 per share There were no changes durlng 201s in the number of common shares, preferred shares, or oonvertlble bonds outstandlng. There is no treasury stock. The company also has common stock options (granted in a prlor year) to purchase 73,000 shares of common stock at $20 per share. (a) Compute basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.) Basic earnings per share 5 (b) compute diluted earnings per share for 2010. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per share 5 Click if you would like to Show Work ior this question: W um T0 TEXT By accessing this Question Assistance, you will learn while you eam polns based on the Point Potential Follcy set by your Instructor