JKL Corporation Ltd reported net operating income before taxation of $1,000,000 for the 31 December 2014. The tax rate was 40%. As of January 1, 2014, 200,000 shares of common stock were outstanding. On 6 July 2014 30,000 new shares were sold. There are no potentially dilutive securities outstanding but JKL Corporation Ltd has 2,000 shares of 8% cumulative preferred stock ($10 par) which was outstanding all year. Required: Calculate the Basic EPS