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Compute the basic earnings per common share

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Question - At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and 5,000 shares of 5%, $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 $500,000. For 2021, compute the basic earnings per common share?

a. $9.00.

b. $10.00.

c. $9.50.

d. $5.00.

Reference no: EM132537593

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