Padowski Corporation's Net Income for the Current Year Is $550,000

Multiple Choice

Padowski Corporation's net income for the current year is $550,000. At year end, the corporation had outstanding 2500 shares of 18%, $100 par value nonconvertible preferred stock and 17,000 shares of $10 par value common stock. No shares were issued or retired during the year. What is basic earnings per share? (Round your final answer to the nearest cent.)

A) $25.90
B) $100.00
C) $29.71
D) $32.35