At December 31, 2021 and 2020, Cow Co. had 100,000 shares of common stock and 5,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $500,000. For 2021, basic earnings per share was: Multiple Choice $4.75 $5.00 $2.50 $4.50