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In: AccountingThe information below pertains to Swifty Company for 2018. Netincome for the year $1,250,000 7%...The information below pertains to Swifty Company for 2018. Netincome for the year $1,250,000 7% convertible bonds issued at par($1,000 per bond); each bond is convertible into 30 shares ofcommon stock 2,000,000 6% convertible, cumulative preferred stock,$100 par value; each share is convertible into 3 shares of commonstock 3,840,000 Common stock, $10 par value 6,270,000 Tax rate for2018 40% Average market price of common stock $25 per share Therewere no changes during 2018 in the number of common shares,preferred shares, or convertible bonds outstanding. There is notreasury stock. The company also has common stock options (grantedin a prior year) to purchase 81,600 shares of common stock at $20per share. (a) Compute basic earnings per share for 2018. (Roundanswer to 2 decimal places, e.g. $2.55.) Basic earnings per share $(b) Compute diluted earnings per share for 2018. (Round answer to 2decimal places, e.g. $2.55.)