Please help me solve this problem without the use of AI. I need a detailed explanation that will help me arrive to the answer on my own. Please use excel and provide your answer with clear formatting. The green checkmarks indicate the values are correct and the red x indicates the values are incorrect. Therefore I need help calculating the Diluted EPS.

Thank you.

Calculating EPS and Multiple Securities At the end of the year, the records of Wolverine Corporation reflected the following. Common stock, $10 par, authorized 60,000 shares: Issued and outstanding throughout the year, 30,000 shares $300,000 Preferred stock, $50 par, 7%%, cumulative, convertible into common stock, share for share; authorized, 6,000 shares; Issued and outstanding throughout year, 1,200 shares 60,000 Contributed capital In excess of par, common stock 48,000 Retained earnings (no dividends declared during the year) 282,000 Bonds payable, 10% nonconvertible, Issued at par four years prior 90,000 Net Income 84,000 Stock options outstanding (all year for 6,000 shares of common stock at $15 per share) Income tax rate, 25% Average market price of the common stock during the year, $25 per share Required a. Is this a simple or a complex capital structure? Complex structure b. Compute the required EPS amounts. . Note: Enter the earnings per share amounts in dollars and cents, rounded to the nearest penny. Note: If an amount is not required, leave the answer blank (zero). Net Income Available to Weighted Avg. Common Per Common Stockholders Shares Outstanding Share Basic EPS $ 79800 30000 * $ 2.66 v Diluted EPS 86200 * 33600 * $ 2.62 XNet Income Available to Weighted Avg. Common Per Common Stockholders Shares Outstanding Share Basic EPS 79,800 30,000 2.66 Diluted EPS 79,800 36,000 * 2.22 x