The following information is presented by Maxim Ltd. on January 1, 2022: Net income Common shares outstanding, 1,000,000 shares $4,500,000 3,000,000 7%, cumulative preferred shares, convertible into 60,000 common shares 1,500,000 9% convertible bonds; convertible into 150,000 common shares 3,000,000 200,000 written put options exercisable at $28 per share Additional information: The preferred shares and the convertible bonds were outstanding for the entire year. The convertible bonds were sold at par. During 2022, the following transactions took place: 200,000 common shares were issued at $33 each on May 31, 2022 150,000 common shares were reacquired at $30 each on October 1, 2022 a $500,000 cash dividend was paid. No dividends had been declared in 2021. The average market price of the common shares in 2022 was $26. The stock price was $24 on January 1, 2022, and $29 on December 31, 2022. The income tax rate for 2022 is 20%. Required: a) Calculate the basic earnings per share for Maxim Ltd. for the year 2022. (5 marks) b) Calculate the diluted earnings per share for Maxim Ltd. for the year 2022. (9 marks)