The following information was taken from Best Buy = Net Income $480,000 Capital structure: A. Convertible 6% bonds. Each of the 300, $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years. = $300,000 B. $10 par common stock, 200,000 shares issued and outstanding during the entire year. = $2,000,000 C. Stock warrants outstanding to buy 16,000 shares of common stock at $20 per share. - Other information: 1. Bonds converted during the year = NONE 2. Income tax rate = 30% 3. Convertible debt was outstanding the entire year 4. Average market price per share of common stock during the year = $32 5. Warrants were outstanding the entire year 6. Warrants exercised during the year = NONE Instructions: 1. Compute basic and diluted earnings per share