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Question 1(6 points) Stainless Corporation had net income of $7,800,000 in...

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Accounting

Question 1(6 points)
Stainless Corporation had net income of $7,800,000 in 2010. The company had 500,000 shares of $4 par value common stock and 70,000 shares of 8%,$100 par, convertible preferred stock outstanding throughout the year. Each share of preferred stock is convertible into two shares of common stock. Compute the following for 2010:
\table[[(a) The number of shares to be used in computing basic earnings per share],[(b) The number of shares to be used in computing diluted EPS],[(c) Basic earnings per share]]
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