1. At January 1, 2019, Marion Company had 400,000 shares of common stock issued and outstanding, and 50,000 shares of 6%, $100 par value cumulative preferred stock issued and outstanding. On October 1, 2019, Marion issued and additional 100,000 shares of common stock. Net Income for the year ended December 31, 2019, was $1,700,000. What is Marion's 2019 basic earnings per share, rounded to the nearest penny? Multiple Choice $2.80 $4.00 $3.50 $3.29

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