Problem 4 (15 Points) During 2020, Masefield, Inc. had the following convertible securities outstanding: $200,000 of...

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Problem 4 (15 Points) During 2020, Masefield, Inc. had the following convertible securities outstanding: $200,000 of 6% convertible bonds. Each $1,000 bond is convertible into 30 shares of common stock. $100,000 of 10%, $50 par, cumulative preferred stock. Each share is convertible into 4 shares of common stock. Masefield, Inc. has an income tax rate of 30%. Its reported net income for 2020 was $210,000, and it had 26,000 shares of common stock outstanding all year. Instructions: Calculate basic and diluted earnings per share for Masefield. You may omit ranking and impact of the dilutive securities. You must show computations to receive credit. Problem 4 (15 Points) During 2020, Masefield, Inc. had the following convertible securities outstanding: $200,000 of 6% convertible bonds. Each $1,000 bond is convertible into 30 shares of common stock. $100,000 of 10%, $50 par, cumulative preferred stock. Each share is convertible into 4 shares of common stock. Masefield, Inc. has an income tax rate of 30%. Its reported net income for 2020 was $210,000, and it had 26,000 shares of common stock outstanding all year. Instructions: Calculate basic and diluted earnings per share for Masefield. You may omit ranking and impact of the dilutive securities. You must show computations to receive credit.