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What is muffin co basic eps

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Problem 1: As of Dec 31, 2020 and 2021, Muffin Co. had 200,000 common shares and 20,000, $5, "no par value" cumulative preferred shares outstanding. Dividends were NOT declared in 2020 or 2021. In 2021, net income was $800,000. For 2021, what is Muffin Co's basic EPS?

Option 1: $4.00
Option 2: $3.50
Option 3: $3.00
Option 4: $2.00

Reference no: EM132834081

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