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At December 31, 2021 and 2020, P Co. had 50,000 shares of common stock and...

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Accounting

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, basic earnings per common share amounted to:

Group of answer choices

$9.50.

$5.00.

$9.00.

$10.00.

Answer & Explanation Solved by verified expert
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