Swingline Corporation earned net income of \(\$ 56,000\) for the second quarter of 19X6. The ledger reveals the following figures:

\section*{Required}
Compute EPS for the quarter, assuming no changes in the stock accounts during the quarter.
Computing earnings per share (Obj. 5 )
Preparing a statement of retained earnings with a prior-period adjustment (Obj. 6)

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Preferred stock, $1.75 per year, no-par, 1,600 shares issued and outstanding. Common stock, $10 par, 52,000 shares issued.. Treasury stock, common, 2,000 shares at cost. $ 70,000 520,000 36,000