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Find the amount of income to be used in basic calculations

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Problem - 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:

a. $487,500.

b. $420,000.

c. $352,500.

d. $270,000.

Reference no: EM132462275

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