RayCorporation had 100,000ordinaryshares and10000sharesof8%$100par

convertible preference shares outstanding during the yearNet income for the year was$400000and dividends were paid to both ordinaryand preferenceshareholdersRays effectivetaxrateis20%Eachpreference share is convertibleinto 5ordinary shares Compute basic and dilutedEPS(rounded to the nearest cent).