Jennings Corporation's Net Income for the Current Year Was $270,000

Multiple Choice

Jennings Corporation's net income for the current year was $270,000. The corporation had outstanding 5,000 shares of 10%, $100 par value nonconvertible preferred stock and 10,000 shares of $20 par value common stock. No shares were issued or retired during the year. The amount of income to be used in the basic calculation of earnings per share is:

A) $245,000.
B) $220,000.
C) $350,000.
D) $285,000.