Bay Area Supplies had 60,000 shares of common stock outstanding at January 1. On May 1, BayAreas Supplies issued 31,500 shares of common stock. Outstanding all year were 30,000 shares ofnonconvertible preferred stock on which a dividend of $4 per share was paid in December. Net incomefor the year was $290,100. Bay Area Supplies should report basic earnings per share for the year ofa.$1.86.b.$2.10.c.$2.84.d.$3.17.ANS:B

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