Question 2: Burr Inc. reported net income (30% tax rate) of $1,600,000 for calendar 2022, and an average of 500,000 common shares outstanding during the year. Burr issued $2,000,000 par value, 10- year, 9% convertible bonds on January 1, 2020, at a $ 18,000 discount. The bonds are convertible into 60,000 common shares. Burr uses the straight-line method for amortizing the bond discount. Instructions Calculate basic and diluted earnings per share for 2022.