BI- A- ===== Clipboard $ - % 98 49 5. Font Conditional format as Cell Formatting Table Styles Styles Alignment Format Number Soita inda - Fit-Select- G1 X MAVIS OFOSUA A B D 39 E F G H 1 40 K M N O P 41 42 43 44 45 46 47 48 3. In 2020 Our Company had Net Income of $550,000. On 1/1/20, there were 100,000 shares of common stock outstanding. On 4/1/20, we issued 36,000 shares of common stock. On 6/1/20, we issued 24,000 shares of $100 par value, 6% cumulative preferred stock. This preferred stock is convertible into 48,000 shares of common stock On 9/1/20, we issued $6,000,000 of 4% bonds at par. These bonds are convertible into 48,000 shares of common stock. The marginal tax rate is 25% In addition, there are 90,000 options outstanding at 12/31/20 Each option entities the holder to exchange it for 1 share of common stock at an exercise price of $20 per share. The average market price for common stock for 2020 was $50. Be sure to show your calculations! 49 50 51 52 53 54 55 56 57 Required: How much is Basic Earnings Per Share? Answer: How much is Diluted Earnings Per Share? 58 59 60 61 62 Solutions Sheet Sheet Enter