Question: NEED DETAILED CALCULATIONS NOTE: the answer in the red box is incorrect. Flagstad Inc. presented the following data. Net income $2,257,000 Preferred stock: 52,600 shares

NEED DETAILED CALCULATIONS

NOTE: the answer in the red box is incorrect.

Flagstad Inc. presented the following data. Net income $2,257,000 Preferred stock: 52,600 shares outstanding, $100 par, 8% cumulative, not convertible 5,260, 000 Common stock: Shares outstanding 1/1 603,600 Issued for cash, 5/1 321,600 Acquired treasury stock for cash, 8/1 159,600 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share

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