Question 7 (10 points) Q 18. (10 points) Earnings Per Share: The following information is taken from the financial statements of TANTA Corporation for the year ended 12/31/2021: Common Stock: Outstanding since 1/1/2021 Issued 2/28/2021 400, 000 shares 36,000 shares 9/1/2021 Retired shares of the common stock: (9.300) shares Preferred stock: 40,000 shares ($10.00 par value) non-convertible of 8% cumulative preferred stock outstanding since 1/1/2021. Long Term Debt: $1,000,000 of 10% interest convertible bonds. Every $1,000 bond is convertible into 50 common shares and was issued in 2019. Other Information: A 10% stock dividend was declared and distributes on July 1, 2021. Net income after tax for 2021 was $900,000. Tax rate is 25%. Required: Calculate: A. Basic Earnings Per share B. Diluted Earnings Per share