Plymouth Corporation's Net Income for the Current $420,000

Multiple Choice

Plymouth Corporation's net income for the current $420,000. The corporation had outstanding 4,500 shares of 15%, $100 par value nonconvertible preferred stock and 15,000 shares of $10 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) $487,500.
B) $420,000
C) $352,500
D) $270,000.