Exercise 16-20 Your answer is partially correct. Try again. On January 1, 2017, Buffalo Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,900 shares $990,000 Common stock, $10 par value, issued and outstanding 199,000 shares 1,990,000 To acquire the net assets of three smaller companies, Buffalo authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below. Date of Acquisition Company A April 1, 2017 Company B July 1, 2017 Company C October 1, 2017 Shares Issued 51,600 80,400 28,800 On May 14, 2017, Buffalo realized a $86,400 (before taxes) insurance gain on discontinued operations. On December 31, 2017, Buffalo recorded income of $309,600 from continuing operations (after tax). Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Buffalo Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.) Buffalo Industries Income Statement For the Year Ended December 31, 2017 * Income From Continuing Operations Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work