Smith Inc. has the following information relating to the 2022 year:

• 30,000 common shares outstanding on January 1, 2022
• 5,000 preferred shares, no par, $1.30, cumulative, outstanding on January 1, 2022
• 2,000 shares issued on March 1, 2022
• 1,000 shares issued on September 1, 2022
• Net Income for the year $340,000

Required:

Calculate the basic Earning per Share (EPS) as on December 31, 2022. Show your work and calculations for partial marks.