$6$

Mona Company had the following securities outstanding on January $1,20$X$1$:

$100,000$ shares of $$1$ par common stock

$30,000$ shares of $3\%,$$$50$ par preferred stock

During $20$X$1$:

Net income was $$1,000,000.$

Cash dividends paid totaled $$300,000.$

$20,000$ new shares of $$1$ par common stock were issued on April $1.$

What is Mona's BASIC earnings per share?

$$

$$9\mathrm{.}50$

$$ $$8\mathrm{.}30$

$$ $$10\mathrm{.}00$