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Problem I. (25 Points). The following information was taken from the books and records of Kingdon, Inc.: 1. Net income $480,000 2. Capital structure: a. Convertible 6% bonds. Each of the $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years. 300,000 b. Preferred stock, $10 par, 3%, cumulative, 200,000 shares issued and outstanding during the entire year 2,000,000 c. \$10 par common stock, 200,000 shares issued and outstanding during the entire year. 2,000,000 d. Stock warrants outstanding to buy 16,000 shares of common stock at an option price of $20 per share. Instructions Compute basic and diluted earnings per share. Round to the nearest hundredth