At December 31, 2024 and 2023, Markle Company 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 2024 or 2023. Net income for 2024 was $500,000. For 2024, basic earnings per share was:

Multiple Choice

$2.50.

$4.50.

$4.75.

$5.00.