Message Inc.'s profit for the year ended December 31, Year 5, was $1,250,000. Message's capital structure is as follows: 500,000, $1.10, cumulative preferred shares 80,000, $3.00 non-cumulative preferred shares 200,000 common shares issued and outstanding In Year 5, Message, an entity subject to IFRS, did not declare or pay any dividends for the cumulative preferred shares. A dividend of $200,000 was declared for the non-cumulative preferred shares. What is Message's basic EPS? Question 16 options: a) $2.30 b) $5.05 c) $2.50 d) $5.25