Long$-$term debt

Notes payable, $11\%$

Shareholders' equity

Preferred stock, $6\%$ cumulative, $$50$ par value, $108,000$ shares authorized, $27,000$ shares issued and outstanding

Common stock $$1$ par, $10,200,000$ shares authorized, $1,020,000$ shares issued and outstanding

$1,020,000$

Additional paid$-$in capital

$3,970,000$

Retained earnings

Total shareholders' equity

The following transactions have also occurred at Cheyenne.

Options were granted on July $1,2019,$ to purchase $180,000$ shares at $$15$ per share. Although no options were exercised

during fiscal year $2020,$ the average price per common share during fiscal year $2020$ was $$20$ per share.

Each bond was issued at face value. The $8\%$ convertible bonds will convert into common stock at $50$ shares per $$1,000$ bond.

The bonds are exercisable after $5$ years and were issued in fiscal year $2019.$

The preferred stock was issued in $2019.$

There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year $2020.$

The $1,020,000$ shares of common stock were outstanding for the entire $2020$ fiscal year.

Net income for fiscal year $2020$ was $$1,480,000,$ and the average income tax rate is $20\%.$

For the fiscal year ended June $30,2020,$ calculate the following for Cheyenne Pharmaceutical Industries. $($Round answers to $2$ decimal

places, e$.$g$.$ $$2\mathrm{.}45.)$

$($a$)$ Basic earnings per share.

Basic earnings per share $

$($b$)$ Diluted earnings per share.

Diluted earnings per share $