Question $5-15$ MarksFor the year ending December $31,2014,$ ACE Company had recorded the following transactions:Common stock movements during the year:Jan. $1$Opening balance $-$ common stockMar. $31$Issuance of common stockApr. $3050\%$ common stock dividendOct. $1$Issuance of common stock$50,000$ shares$20,000$ shares$10,000$ sharesConvertible securities acquired during the vear:Jan. $1$$$500,000$ in $8\%$ convertible bonds issued at par. Each of these bonds has a face value of $$1,000$ and are convertible into $15$ shares of common stock. The hability component of the bonds is $$300,000$ based on the market rate of $10\%.$Jan $1$$$500,000$ in $5\%$ convertible $$100$ preferred stock. Each share is convertible into $3$ shares of common stock.Net income for the year was $$287,500$ and income tax during the year was $25\%.$Requireda$)$ Calculate the weighted average number of common stock as at December $31,2014.$b$)$ Calculate Basic Earnings Per Share.$(6$ marks$)$c$)$ Determine which, if any of the convertible securities are 'anti$-$dilutive' and therefore$(2$ marks$)$should not be included in the Diluted Earnings Per Share computation.d$)$ Calculate the Diluted Earnings Per Share,$(4$ marks$)(3$ marks$)$