Trump Corporation is preparing its financial statements after a tumultuous year. After being banned on social media, it hasn't reported any updated financials to its shareholders in several months. Trump Compris worried about upsetting shareholders if earnings per share is reported at an amount lower than shareholder expectations. The board of directors has asked you to do preliminary earnings per share calculations based on the following: Net Income for 2020 is $3,400,000. The common share balance on January 1 was 1,500,000 shares. 500,000 shares were repurchased by the company on February 28. 150,000 new shares were issued on October 31. 8% Cumulative Convertible Preferred Shares (no par) Convertible into 100,000 common shares $1,000,000 Stock Options for 75,000 shares Exercisable at the option price of $28 per share. Average market price in 2020 was $42 Required a) Calculate basic earnings per share for 2020, b) Calculate diluted earnings per share for 2020