Caspela Corp. had the same capital structure in year 7 and year 8, consisting of the following: $ 240,000 Preferred stock, $12 par, 5% cumulative, 20,000 shares issued and outstanding Common stock, $6 par, 250,000 shares issued and outstanding 1,500,000 Caspela reported net income of $600,000 for year 8. No preferred dividends were paid during year 7, but Caspela paid $20,000 in preferred dividends in year 8. In its year 8 income statement what amount should Caspela report as basic earnings per share