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On June 1, 2018, Indigo Company and Orange Company merged to form Pharoah Inc. A total of 811,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis.

On April 1, 2020, the company issued an additional 638,000 shares of stock for cash. All 1,449,000 shares were outstanding on December 31, 2020

Pharoah Inc. also issued $600,000 of 20-year, 7% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 42 shares of common at any interest date. None of the bonds have been converted

to date.

Pharoah Inc. is preparing its annual report for the fiscal year ending December 31, 2020. The annual report will show earnings per share figures based upon a reported after-tax net income of $1,568,000

(The tax rate is 20%.)

Determine the following for 2020.

The earnings figures to be used in calculating

a. basic earnings per share

b. diluted earnings per share

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