At December 31, 2021 and 2020, P Co. had 70,000 shares of common stock and 7,000 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 $800,000. For 2021, basie earnings per common share amounted to: (Round your answer to 2 decimal places.) Multiple Choice $10.00 $10 88 $10.93 $5.00