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Net income was $325,000 for the year. Throughout the year the company had outstanding 24,000 shares of $3.00, $100 par value preferred stock and 115,000

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Net income was $325,000 for the year. Throughout the year the company had outstanding 24,000 shares of $3.00, $100 par value preferred stock and 115,000 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.)

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