Question 2 For the year ended 30 June 2020, Murray Ltd had a net profit after tax of $3,300,000. Details of the shares and other financial instruments outstanding are as follows: On 1 July 2019 Murray Ltd had 600,000 fully paid ordinary shares. 300,000 fully paid ordinary shares were issued on 1 November 2019 at the prevailing market price. 75,000 fully paid ordinary shares were bought back on 1 May 2020 at the prevailing market price. 210,000 partly paid ordinary shares were issued on 1 May 2020 at a price of $6.00. The shares were partly paid to $4.50 and carried the right to participate in dividends in proportion to the amount paid as a fraction of the issue price. For the entire year, 3 million $3.00 preference shares were held which provided a dividend at a rate of 5% per annum. The preference shares are convertible at a rate of 1 ordinary share for every 4 preference shares. There are options to purchase 60,000 ordinary shares at a price of $15. For the year ended 30 June 2020, the ordinary shares traded at an average market price of $18 per share. Additional Information: there are 28 days in February; 30 days in September, November, April, and June; 31 days in October, December, January, March, May, July, and August. Required: In accordance with AASB 133 Earnings Per Share: (a) Calculate the basic earnings per share for the year ended 30 June 2020. (b) Calculate the diluted earnings per share for the year ended 30 June 2020. Note: ignore the unpaid balance of the partly paid shares. (10+ 6 = 16 marks)