Plymouth Corporation's net income for the current $420,000. The corporation had outstanding 4,500 shares of 15%, $100 par value nonconvertible preferred stock and 15,000 shares of $10 par value common stock. No shares were issued or retired during the year. The amount of income to be used in the basic calculation of earnings per share is:

$487,500.

$420,000

$352,500

$270,000.