Computing Basic EPS At December 31 of the prior year and current year, Jet Corp. had 200,000 shares of common stock and 20,000 shares of 5%,$100 par value noncumulative preferred stock outstanding. No dividends were declared on either the preferred or the common stock in the prior year and current year. Net income for the current year was $2,000,000. Compute basic earnings per common share for the current year