Jersey, Inc.’s financial information included the following for its year ended December 31:
- 160,000 shares of common stock were outstanding for the entire year.
- 18,000 shares of 10%, $100 par value cumulative preferred stock were outstanding for the entire year.
- Common stock dividends paid during the current year were $240,000.
- All preferred stock dividends were paid for the current year.
- Net income was $720,000.
Basic earnings per share for Jersey, Inc. for the year ended December 31 are closest to:
A. $4.50.
B. $3.38.
C. $2.81.
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