The net income for Peanut Butter Jam for the year ended December 31, 2021 was $1,400,000. Peanut Butter Jam had 30,000 ordinary shares outstanding at the beginning of the year. Peanut Butter Jam declared and distributed a 3-for-1 stock split on May 1,2021 and issued 40,000 ordinary shares on November 1, 2021. Select details of Peanut Butter Jam's liabilities and equities are as follows: Bonds A-$1,400,000, 11 %, 10-year, semi-annual bonds issued on July 1, 2021. At the option of the holder, each $1,000 bond can be converted into 20 ordinary shares at any time before expiry. Bonds B-$1,500,000, 9%, semi-annual bonds maturing September 30, 2021. The owners of the bonds elect to convert them into 25,500 ordinary shares on December 1, 2021. 50,000 cumulative preferred shares that are each entitled to dividends of $20.00 per annum. Dividends are not declared in 2021. Peanut Butter Jam's corporate tax rate was 30%. The recorded conversion factor for the convertible bonds has already been adjusted for the stock split. REQUIRED. Assuming that the effective rate of interest on the bonds equals the coupon rate: a. Calculate Peanut Butter Jam's basic earnings per share for 2021. NOTE: do not add $ to your