EPS is applicable to entities that apply ASPE. Select one: True False Tonka Co. has 10,000 preferred shares and 1 million common shares outstanding. The preferred shares are non-cumulative and carry a $5 dividend rate. No dividend declaration has been made and no dividends have been paid during the year. At the end of the current year, there are three (3) years of dividends in arrears, In 2023, Tonka Co. reported net income of $5,000,000. What is the income available to common shareholders? a. $4,850,000 b. $4,950,000 c. $50,000 d. $5,000,000