Norman's Cabinet, Inc., had net income of $424,800 for its fiscal year ended October 31, 2014. During the year, the company had outstanding 53,000 shares of 9%, $60 par value preferred stock, and 36,960 shares of common stock. Calculate the basic earnings per share of common stock for the 2014 fiscal year.

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The Answer of Norman's Cabinet, Inc., had net income of $424,800 for its fiscal year ended October 31, 2014. During the year, the company had outstanding 53,000 shares of 9%, $60 par value preferred stock, and 36,960 shares of common stock. Calculate the basic earnings per share of common stock for the 2014 fiscal year.