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In: AccountingAssume that the following data relative to Kane Company for 2018is available:Net Income$2,890,000...Assume that the following data relative to Kane Company for 2018is available:Net Income$2,890,000Transactions in Common SharesChangeCumulativeJan. 1, 2018, Beginning number740,000Mar. 1, 2018, Purchase of treasury shares(72,000)668,000June 1, 2018, Stock split 2-1668,0001,336,000Nov. 1, 2018, Issuance of shares222,0001,558,0006% Cumulative Convertible Preferred StockSold at par, convertible into 180,000 shares of common(adjusted for split).$900,000Stock OptionsExercisable at the option price of $25 per share. Averagemarket price in 2018, $30 (market price and option price adjustedfor split).90,000sharesCompute weighted average shares outstanding for 2018.Weighted average shares outstandingCompute the basic earnings per share for 2018.(Round answer to 2 decimal places, e.g.52.75.)Basic earnings per share$Compute the diluted earnings per share for 2018.(Round answer to 2 decimal places, e.g.52.75.)Diluted earnings per share$