Refer to the information in Brief Exercise 21-34. Assume now that the preferred stock is cumulative, no dividends were declared in 2020 , and there were \(\$ 50,000\) dividends in arrears related to 2019. Compute basic earnings per common share for 2020.

Exercise 21-34

At December 31, 2019, and 2020, Jet Corp. had 100,000 shares of common stock and 10,000 shares of 5\%,\$100 par value noncumulative preferred stock outstanding. No dividends were declared on either the preferred or the common stock in 2020 or 2019. Net income for 2020 was \(\$ 1,000,000\). Compute basic earnings per common share for 2020 .