.110 A portion of the combined statement of income and retained earnings of Concord lnc. for the current vear follows. riduction of $1,190000. loss from dikcontinut operations detimai placrices $2.55 ) Note 1. During the year, Concord Inc, suffered a major loss from discontinued operations of $1,360,000 after applicable income tax rediction of $1,190,000 At the end of the current voar, Concord Inc, has outstanding 8,560,000 shares of $10 par common stock and 54,000 shares of 68.8 preferred On April 1 of the current year, Concord Inc. issued 1,000,000 shares of common stock for $33 per share to help finance the loss from discontinued operatiom. 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)