Question 2 of 2 < > -/1 # On June 1, 2018, Coronado Company and Whispering Company merged to form Metlock Inc. A total of 877,000 shares were issued t- complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2020, the company issued an additional 652,000 shares of stock for cash. All 1,529,000 shares were outstanding on December 31, 2020. Metlock Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2020. Each $1,000 bnd converts to 44 shares of common at any interest date. None of the bonds have been converted to date. Metlock Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,444,000. (The tax rate is 20%.) Determine the following for 2020. (a) The number of shares to be used for calculating: (Round answers to 0 decimal places, eg. $2,500) (1) Basic earnings per share 0.94 shares (2) Diluted earnings per share 0.95 shares 21 S tv