B Seved Help Save & Exit Submit Check my work Hoped Selected information from Able Company's financial activities is as follows: .Net Income was $720,000. 1,000,000 shares of common stock were outstanding on January 1. 1.000 shares of 8%, $1,000 par value preferred shares were outstanding on January 1. The tax rate was 40% The average market price per share for the year was $20. 6.000 shares of 3%, $500 par value preferred shares, convertible into common shares at a rate of 40 common shares for each preferred share, were outstanding for the entire year. Able's basic and diluted earnings per share (EPS) are closest to: Basic EPS 280 A) $0.64 $0.55 $0.55 Multiple Choice Diluted EPS $0.64 $0.52 $0.55