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The Ruby Shoe Company had 40,000 shares of common stock outstanding and 10,000 shares of preferred stock outstanding. No shares were issued or re-purchased during

The Ruby Shoe Company had 40,000 shares of common stock outstanding and 10,000 shares of preferred stock outstanding. No shares were issued or re-purchased during the year. The company paid a dividend of $.50 per share of common stock and $.60 per share of preferred stock. If the company reported earnings per common share of $.75, net income must have been

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