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Kelley Company reports $960,000 of net income and declares $120,000 of cash dividends on its preferred stock for the year. At year- end, the company had 400,000 weighted-average shares of common stock. 1. What amount of net income is available to common stockholders? Answer is complete and correct. Net income $ 960,000 120,000 To preferred stockholders Net income available to common stockholders $ 840,000 2. What is the company's basic EPS? Answer is complete but not entirely correct. Basic earnings per share Choose Numerator: Net income available to common stockholders Choose Denominator: Weighted-average outstanding shares 400,000 Basic earnings per share Basic earnings per share $ 2.70 11 1,080,000