I. The Lester Corp. had the following stock outstanding on Jan. 1, 2020: Common Stock [ $10 par] {[$600,000]} 6%" Cumulative Preferred Stock [$60 par] {[120,000]} *There are two years in arrears on the preferred stock. During 2000, Lester had the following common stock transactions: May 1: Issued 12,000 shares of common stock July 1: Acquired 6,000 shares of treasury stock Oct. 1: Reissued 2,000 shares of treasury stock. Lester declared no dividends in 2020 and reported net income of $216,800. Required: Compute Lester's basic earning per share for 2020