### Determine the basic earnings per share for crystal arts

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Crystal Arts, Inc., had earnings of \$160,000 for 2010. The company had 20,000 shares of common stock outstanding during the year. In addition, the company issued 2,000 shares of \$100 par value preferred stock on January 3, 2010. The preferred stock has a dividend of \$7 per share. There were no transactions in either common or preferred stock during 2010.

Determine the basic earnings per share for Crystal Arts. Round answer to nearest whole cent.

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