Q6 On January 1, 2020 ABC Corporation had 900,000 outstanding ordinary shares. And 6% convertible bond issue sold at $400,000 on February 1" of the current year. During 2020, it had the following transactions that affected the ordinary shares account. March 1 Issued 50,000 shares May 1" Issued a 30% share dividend August 1" Purchased 100,000 shares of treasury shares Novemebr 1" 3-to-1 share split was carried out Issued 20,000 shares Required: 1. Determine the weighted average number of shares outstanding as of December 31, 2020. 2- Assume that the corporation earned net income of $5,500,000 during 2020. Compute the basic earnings per share (EPS) for 2020. 3. Each $1,000 bond is convertible into 50 shares of ABC ordinary shares. Compute the diluted earnings per share (EPS) assuming the same net income in 2 above. (8 marks]