George Manufacturing had net income of $300,000 and declared preferred dividends of $25,000 during the current year.

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Question:

George Manufacturing had net income of $300,000 and declared preferred dividends of $25,000 during the current year. George started the year with 12,000 common shares outstanding. It issued 70,000 shares on June 30 and repurchased 6,000 of the newly issued shares on November 1. Calculate George's basic EPS for the year. (Round your answer to the nearest cent.)