Question: Please provide basic work and answers for the question below, thanks!! ABC Corp. reported net income of $1,692,900 for 2017. ABC's income tax rate was

Please provide basic work and answers for the question below, thanks!!

Please provide basic work and answers for the question below, thanks!! ABC

ABC Corp. reported net income of $1,692,900 for 2017. ABC's income tax rate was 30% and they reported no below the line items on their income statement. ABC had 400,000 shares of common stock outstanding at1/01/17, issued an additional 300,000 shares on 7/1/17, and purchased 90,000 treasury shares on 11/1/17. The average market price of ABC's stock during 2017 was $50. Throughout 2017 ABC also had the following securities outstanding: 20,000 shares of $100 par value 6% cumulative preferred stock (annual preferred dividend requirement of $6/share). Each preferred share is convertible into 3 shares of common stock. $10,000,000 of 8% bonds payable issued at face value. Each $1,000 bond is convertible into 20 shares of common stock. c. Stock warrants to purchase 160,000 shares of ABC Corp. common stock for $40/share. Required 1. Calculate basic EPS for 2017 (show your work - answer should be $2.94/share), 2. Determine diluted EPS for 2017 (in formulating your answer, provide the "incremental effect" on the EPS numerator and denominator for each of the potentially dilutive securities a, b and c above)

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