On December $31,2023,$ Dow Steel Corporation had $600,000$ shares of common stock and $300,000$ shares of $8\%,$ noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a $4\%$ common stock dividend on May $15$ and paid cash dividends of $$400,000$ and $$75,000$ to common and preferred shareholders, respectively, on December $15,2016.$ On February $28,2016,$ Dow sold $60,000$ common shares. In keeping with its long term share repurchase plan, $2000$ shares were retired on July $1.$ Dow's net income for the year ended December $31,2016,$ was $$2,100,000.$ The income tax rate is $40\%.$ As part of an incentive compensation plan, Dow granted incentive stock options to division managers at Dec $31$ of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Compute Dow's earnings per share $($basic and diluted$)$ for the year ended December $31,2016$ using the excel sheet. Note: All info on Dow Steel is on the left. On the right is the format of the excel that needs to be completed. PLEASE COMPLETE THE EXCEL SHEET ON THE RIGHT. Please show work and follow instructions. Thank you!