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Question(s) / Instruction(s):

Grossmont Company reports $1,875,000 of net income for 2009 and declares $262,500 of cash dividends on its preferred stock for 2009. At the end of 2009, the company had 360,000 weighted-average shares of common stock.

Requirements:

1.            What amount of net income is available to common stockholders for 2009?

2.            What is the company's basic EPS for 2009?

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