Ute Co. had the following capital structureduring Year 1 and Year 2: Preferred stock, USD10 par, 4% cumulative, 25,000 shares issued and outstanding USD250,000 Common stock, USD5 par, 200,000 shares issued and outstanding 1,000,000 Ute reported net income of USD500,000 for the year ended December 31, Year 2. Ute paid no preferred dividends during Year 1 and paid USD16,000 in preferred dividends during Year 2. In its December 31, Year 2, income statement, what amount should Ute report as basic earnings per share?
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