MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT on January 1, 2020, Cullumber Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,000 shares issued and outstanding $1,000,000 Common shares, 205,000 shares issued and outstanding 2,050,000 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 315,000 common shares. The acquisitions were as follows: Date of Acquisition Company Al April 1, 2020 Company B: July 1, 2020 Company C: October 1, 2020 Shares Issued 181,000 97,000 37,000 On May 14, 2020, Cullumber realized a $100,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased In 2000. On December 31, 2020, the company recorded income of $669,000 before tax, not including the discontinued operation gain. Cullumber has a 40% tax rate. (a) Your answer is correct. Calculate the earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 decimal places, ..g. 15.25.) Earnings per share Income before gain from discontinued operations 0.88 Discontinued operations gain net of tax 0.15 Net Income 1.03 MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NE SHOW SOLUTION LINK TO TEXT LINK TO TEXT Attempts: 3 of 6 used (6) Your answer is incorrect. Try again Assume that Cullumber declared a 1-for-2 reverse stock split on February 10, 2021, and that the company's financial statements for the year ended December 31, 2020, were issued on February 28, 2021. Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to z decimal places, op. 15.25.) Earnings per share Income before gain from discontinued operations 0.88 Discontinued operations gain net of tax 0.15 Net Income 1.03 Attempts: 1 of 6 used