EPS Junkyard Arts, Inc., had earnings of $144,400 for the year. The company had 22,000 shares of common stock outstanding during the year and issued 2,600 shares of $150 par value preferred stock. The preferred stock has a dividend of $9 per share. There were no transactions in either common or preferred stock during the year. Determine the basic earnings per share for Junkyard Arts for the year. Round answer to two decimal places. per share Instructions Chart of Accounts Journal Instructions The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year: Preferred 1% Stock, $50 par (100,000 shares authorized, 81,900 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $3 par (5,000,000 shares authorized, 1,780,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,095,000 155,610 . 5,340,000 1,602,000 35,256,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. 5 Issued 493,300 shares of common stock at $7, receiving cash. Feb. 10 Issued 8,800 shares of preferred 1% stock at $60. Selected stock transactions Instructions Chart of Accounts Journal Instructions During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Jan. 5 Issued 493,300 shares of common stock at $7, receiving cash. Feb. 10 Issued 8,800 shares of preferred 1% stock at $60. Mar. 19 Purchased 46,700 shares of treasury stock for $7 per share. May 16 Sold 18,400 shares of treasury stock for $9 per share. Aug. 25 Sold 4,900 shares of treasury stock for $6 per share. Dec. 6 Declared cash dividends of $0.50 per share on preferred stock and $0.08 per share on common stock. 31 Paid the cash dividends