During 2003, Wright Corp. had outstanding 125,000 shares of common stock and 7,500 shares of noncumulative, 8 percent, ₱50 par preferred stock. Each preferred share is convertible into 8 shares of common stock. In 2003, net income was ₱231,500. REQUIREMENTS: (1) Compute BASIC and DILUTED EARNINGS PER SHARE for 2003 assuming NO DIVIDENDS WERE DECLARED AND PAID. (2) Compute BASIC and DILUTED EARNINGS PER SHARE for 2003 assuming DIVIDENDS WERE DECLARED AND PAID on the preferred stock.

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