Wk 4 - Apply: Summative Assessment [due Day 7] @ Saved Help Save & Exit Submit 5 On January 1, 2021, Tonge Industries had outstanding 820,000 common shares ($1 par) that originally sold for $25 per share, and 4,000 shares of 10% cumulative preferred stock ($100 par), convertible into 40,000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $38. At December 31, 2021, there were 27,000 incentive stock options outstanding, issued in 2020, and exercisable after one year for 27,000 shares of common stock at an exercise price of $35. The market price of the common stock at year-end was $53. During the year, the price of the common shares 20 had averaged $45. points Net income was $960,000. The tax rate for the year was 25%. Skipped Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Enter your answers in thousands (l.e., 100,000 should be eBook entered as 100). Round "Earnings per share" answers to 2 decimal places.) References Numerator 1 Denominator Earnings per share Basic Diluted Mc Graw