ExercisGalculate basic EPS, and explain the EPS effect of convertible preferred Mamba Metals, Ltd$.$ reported

$9\mathrm{.}16$ net income of $$573,650$ for its fiscal year ended January $31,2023.$ At the beginning of that fiscal year, $100,000$

LO $9-6$

shares of common stock were outstanding. On October $31,2022,$ an additional $30,000$ shares were issued.

No other changes in common shares outstanding occurred during the year. Also during the year, page $356$

the company paid the annual dividend on the $40,000$ shares of $6\%,$$$50$ par value preferred stock

that were outstanding the entire year.

Required:

a$.$ Calculate basic earnings per share of common stock for the year ended January $31,2023.$

b$.$ If Mamba Metals, Ltd$.\text{'}$s preferred stock were convertible into common stock, what additional calculation

would be required?