Question 7 of 20 - /20 Current Attempt in Progress A portion of the combined statement of income and retained earnings of Flounder Inc. for the current year follows. Income before extraordinary item $14.900,000 Loss from discontinued operations, net of applicable income tax (Note 1) 1,320,000 Net income 13,580,000 Retained earnings at the beginning of the year 84,260.000 97,840,000 Dividends declared On preferred stock-$5.00 per share $282,000 On common stock --$1.75 per share 14,600,000 14,882.000 Retained earnings at the end of the year $82,958,000 Note 1. During the year, Flounder Inc suffered a major loss from discontinued operations of $1,320,000 after applicable income tax reduction of $1,220,000 At the end of the current year. Flounder Inc. has outstanding 8,550.000 shares of $10 par common stock and 47.000 shares of preferred on April 1 of the current year, Flounder Inc. issued 980,000 shares of common stock for $31 per share to help finance the loss from discontinued operations Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, es $2.55) MacBook Air 7 BO Daa DOO 44 FS >> 77 SVO * $ 4 % 5 & 7 6 8 9 0 0 T Y U 0 P D F H . Question 7 of 20