Question 2 (10 marks) Leonard Inc. had net income for the fiscal year ended June 30, 2020, of $5,800,000. The tax rate was 25% for 2020. There were 500,000 common shares outstanding throughout 2020. Leonard Inc. had the following outstanding during 2020: 1. Options to buy 190,000 common shares at $45 per share. Market price of the shares was $60. 2. 5% bonds non-convertible bonds with a principal amount of $28,000,000 issued at par. 3. 3% convertible bonds with a principal amount of $33,200,000, issued at par. Each $1,000 bond is convertible into 25 common shares. 4. 190,000 convertible preferred shares entitled to a cumulative dividend of $10 per share. Each preferred share is convertible into 1.5 common shares. Required: a) Calculate basic earnings per share for Fiscal 2020. b) Calculate diluted earnings per share for Fiscal 2020