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Current Attempt in Progress X Your answer is incorrect At January 1, 2020, Cullumber Company's outstanding shares included the following 300,000 shares of $50 par value,7% cumulative preferred stock 959,000 shares of $1 par value common stock Net income for 2020 was $2.565,000. No cash dividends were declared or paid during 2020. On February 15, 2021. however, all preferred dividends in areas were paid together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020 On April 1, 2020,476,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 102,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, es $2.55.) 259 Earnings per share