Question 4: On January 1, 2022, Madison Corp. had 200,000 common shares outstanding. On April 1, 2022, 20,000 common shares were issued and on September 1, 2022, Madison bought back 30,000 treasury shares. The market price of the common shares averaged $ 50 during 2022. The corporation's income tax rate is 40%. During 2022, there were 30,000 call options to buy common shares at $ 40 a share outstanding; and there were 20,000, $ 7, no par value, cumulative and convertible preferred shares outstanding. Each preferred share is convertible into three common shares. During 2021, the corporation had issued $ 2,000,000 of 8% convertible bonds at face value. Each $ 1,000 bond is convertible into 20 common shares. The corporation reported $ 750,000 net income for calendar 2022. Instructions Calculate diluted earnings per share for 2022. Complete the schedule below and show all calculations. Security Net Income Adjust -ment Adjusted Net Income Adjust Adjusted Shares -ment Shares EPS