Jean Mier Serawak, comptroller at Amerigo Laboratories, Inc., a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Amerigo's financial statements. Selected financial information for the fiscal year ended June 30, 2022, is shown below. Amerigo Laboratories, Inc. Selected Statement of Financial Position Information June 30, 2022 Equity Share capital-preference, 6% cumulative, P50 par value, 100,000 shares authorized, 25,000 shares issued and outstanding Share capital-ordinary, P1 par, 10,000,000 shares authorized, 1,000,000 shares issued and outstanding Share premium-ordinary (includes any amounts for options and conversions) Retained earnings Total equity P 1,250,000 1,000,000 4,000,000 6,000,000 P12,250,000 Long-term debt Notes payable, 10% Convertible bonds payable 10% bonds payable Total long-term debt P 1,000,000 5,000,000 6,000,000 P12,000,000 The following transactions have also occurred at Amerigo. 1. Options were granted on July 1, 2021, to purchase 200,00o shares at P15 per share. Although no options were exercised during fiscal year 2022, the average price per ordinary share during fiscal year 2022 was P20 per share. 2. Each bond was issued at face value. The convertible bonds will convert into ordinary shares at 50 shares per P1,000 bond. The conversion is exercisable after 5 years, and the bonds were issued in 2020. The interest on the liability component of the convertible bonds payable for the fiscal year ending June 30, 2022, was P450,00o. 3. The preference shares were issued in 2020. 4. There are no preference dividends in arrears; however, preference dividends were not declared in fiscal year 2022. 5. The 1,000,000 ordinary shares were outstanding for the entire 2022 fiscal year. 6. Net income for fiscal year 2022 was P1,500,000, and the average income tax rate is 40%. Instructions For the fiscal year ended June 30, 2022, calculate the following for Amerigo Laboratories, Inc. a. Basic earnings per share. b. Diluted earnings per share.