4. Information on Massaff Corporation's stock accounts follows: December 31, Year 7 December 31, Year 8 Outstanding shares of: Common stock 300,000 330,000 Nonconvertible preferred stock 10,000 10,000 The following additional information is available: . On July 1, 20X8, Massaff sold 30,000 additional shares of common stock. Net income for the year ended December 31, 20X8, was $750,000. . During 20X8 Massaff paid dividends of $3.00 per share on its nonconvertible preferred stock. Compute Massaff's basic earnings per common share for the year ended December 31, 20X8. 11