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At December 31,2021 and 2020, Vaughn Manufacturing had 179000 shares of common stock and 12800 shares of 7%,$100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was \$442000. For 2021, earnings per common share amounted to (rounded to the nearest penny) $1.57. $2.45 $1.97 $170. At December 31,2021 and 2020, Vaughn Manufacturing had 179000 shares of common stock and 12800 shares of 7%,$100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was \$442000. For 2021, earnings per common share amounted to (rounded to the nearest penny) $1.57. $2.45 $1.97 $170