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Net income was $242,300 for the year. Throughout the year the company had outstanding 17,000 shares of $2.50,$50 par value preferred stock and 108,000 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. Net income was $242,300 for the year. Throughout the ye preferred stock and 108,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the Note: Round "Earnings per share-basic" to 2 decimal plac Net income was $242,300 for the year. Throughout the year the preferred stock and 108,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the yea Note: Round "Earnings per share-basic" to 2 decimal places