Wright Corp. has a complex capital structure. During all of 2016, Wright Corp. had outstanding 125,000 shares of common stock and 7,500 shares of noncumulative, 8%, $50 par preferred stock. Each preferred share is convertible into 9 shares of common stock. In 2016, net income was $231,500. INSTRUCTIONS: (1) Compute basic and diluted earnings per share for 2016 assuming no dividends were (2) Compute basic and diluted earnings per share for 2016 assuming dividends were declared or paid. SHOW YOUR WORK! declared and paid on the preferred stock. SHOW YOUR WORK