The following information is relevant to the computation of Charlie Co.s earnings per share to be disclosed on Charlies income statement for the year ending December 31, 2020: 2020 net income: $800,000 Common shares activity in 2020: o Shares outstanding at January 1, 2020: 600,000 o Shares issued on May 1, 2020: 24,000 o Treasury shares purchased on July 31, 2020: 60,000 $5,000,000 face value, 2% 10-year convertible bonds were outstanding on January 1, 2020. Each $1,000 par value bond is convertible into 20 shares of Charlies common stock Charlies corporate tax rate is 25% Charlie has no stock options, stock warrants, preferred stock or other convertible securities outstanding in 2020.

Required Compute Charlies basic and diluted earnings per share for 2020.