Hanson Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock. The preferred stock is convertible into 40,000 shares of common stock. During 2021, Hanson paid dividends of $.90 per share on the common stock and $3 per share on the preferred stock. The net income for 2021 was $600,000 and the income tax rate was 30%. Basic earnings per share for 2021 is (rounded to the nearest penny) .

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.