Net Income was $185,600 for the year. Throughout the year the company had outstanding 11,000 shares of $250,$50 par value preferred stock and 102,000 shares of common stock. Required: Calculate basic eamings per share of common stock for the year. (Round "Earnings per share-basic" to 2 decimal places.) Net Income was $185,600 for the year. Throughout the year the company had outstanding 11,000 shares of $250,$50 par value preferred stock and 102,000 shares of common stock. Required: Calculate basic eamings per share of common stock for the year. (Round "Earnings per share-basic" to 2 decimal places.)