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ABC reported the following capital structure on December 31, 2020, and the related

results of operations for the year then ended:

Preferred shares, $6, cumulative, convertible into common shares at the rate

of two common shares for each share of preferred; 2,000 shares outstanding

all year

$200,000

Common shares, 30,000 shares outstanding on January 1; 10,000 additional

shares issued for cash on September 30

$2,000,000

Income from continuing operations

195,000

Income from discontinued operations

5,000

Net income

$200,000

Show earnings per share of ABC as it should appear on the income statement of the company

for 2015. Show all computation