Question: Rainbow Company reported $ 239,000 net income for the current year. It has 100,000 shares of common shares outstanding for the entire year and another

Rainbow Company reported $ 239,000 net income for the current year. It has 100,000 shares of common shares outstanding for the entire year and another 50,000 shares of 3% nonconvertible, cumulative, $ 10 par value preferred shares outstanding for the entire year. The board of directors did not declare dividends in the current year. Compute basic earnings per share for the current year.

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