Net Income was $302.600 for the year. Throughout the year the company had outstanding 23,000 shares of $2.50, $50 par value preferred stock and 114,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year. (Round "Earnings per share-basic" to 2 decimal places.) Answer is complete but not entirely correct. IS Net income Less: Dividends required on preferred stock Net income available for common stockholders Number of common share outstanding Earnings per share-basic $ 302,600 (28,750) 273,850 114.000 2.50 IS