Question: At December 31, 2011 and 2010, Gow Corp. had 100,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock

At December 31, 2011 and 2010, Gow Corp. had 100,000 shares of common stock and 10,000 shares of 5%,

$100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2011 or 2010. Net income for 2011 was

$1,000,000. For 2011, basic earnings per share amounted to

a. $10.00

b. $ 9.50

c. $ 9.00

d. $ 5.00

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