Net income was $358,300 for the year. Throughout the year the company had outstanding 27,000 shares of $3.00, $50 par value preferred stock and 118,000 shares of common stock. Required: Calculate basic earning's per share of common stock for the year. Note: Round "Earnings per share-basic" to 2 decimal places. Net incme was $358,300 for the year, Throughout the year the company had outstanding 27,000 shares of $3,00,$50 par value preferred stock and 118,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the yeac. Note: Round "Earnings per share-basic" to 2 decimal places. Net incme was $358,300 for the year, Throughout the year the company had outstanding 27,000 shares of $3.00,$50 par value preferred stock and 118,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year. Note: Round "Earnings per share-basic" to 2 decimal places