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A20-15 EPS Calculations (LO20.2, LO20.3): Martin Inc. is a public company that is IFRS compliant. It has a 31 December year-end date. The following select SCI information is provided for Martin Inc. for the 31 December 20X5 year-end: - Net income: $1,400,000 - Tax rate: 35% The following select SFP information is provided for Martin Inc. at 31 December 20X5: - Short-term bank loan payable: $500,000 - Shareholder loan payable: $250,000 - 11% bonds payable: $3,000,000 - 8% convertible bonds payable: $6,000,000 - Common shares, unlimited number authorized, 1,000,000 shares issued and outstanding: $5,000,000 - Preferred shares, $3.00 cumulative, 100,000 shares authorized, 35,000 shares issued and outstanding: $2,000,000 Additional information: 1. Prior to 20X5, Martin Inc. issued options to purchase 100,000 shares at $20/ share. During 20X5 no options were exercised. The average price per common share during 20X5 was $25. 2. Bonds had previously been issued at face value. 3. The convertible bonds convert to common shares at 80 shares per $1,000 bond in 20X8. 4. No common or preferred shares were issued during 20X5. Required: For 20X5 and rounding to 1 decimal: 1. Calculate basic EPS 2. Calculate diluted EPS