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Computing Basic EPS At December 31, 2019, and 2020, Jet Corp. had 100,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or the common stock in 2020 and there were $50,000 dividends in arrears related to 2019. Net income for 2020 was $1,000,000. Compute basic earnings per common share for 2020. Net Income Available to Weighted Avg. Common Common Stockholders Shares Outstanding Basic EPS $ 1,000,000 x 1,000,000 x $ Per Share 10 x