Questions of Question 8 20 points Save Answer Cassidy Corporation reported net income of $800,000 in 2020. On January 1, 2020 there were 200,000 shares of common stock outstanding. On April 1, 20,000 shares were issued and on September 1, Cassidy bought 30,000 shares of treasury stock. There are 30,000 stock options to buy common stock at an exercise price of $40 per share. The market price of the common stock averaged 550 during 2020. The tax rate is 25%. During 2020, there were 40,000 shares of convertible preferred stock outstanding. The preferred stock is $100 par, paid a dividend of $3.50 per share, and each share is convertible into three shares of common stock Cassidy previously issued $2,000,000 of 8% convertible bonds at face value. Each $1.000 bond is convertible into 30 shares of common stock Required Compute Cassidy's Basic and Diluted Earnings per Share for the year ended December 31, 2020