A portion of the combined statement of income and retained earnings of Pharoah Inc for the current year follows. Note 1. During the year, Pharoah Inc suffered a major loss from discontinued operations of $1,338,400 after applicable income tax reduction of 51.220 .000 At the end of the current year. Pharoah Inc has cutstanding 8,610,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Pharoah Inc issued 980,000 shares of common stock for $34 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 decinal ploces, es. 2.55. A portion of the combined statement of income and retained earnings of Pharoah Inc. for the current year follows. Note 1. During the year, Pharoah Inc. suffered a major loss from discontinued operations of $1,338,400 after applicable income tax reduction of $1,220,000 At the end of the current vear, Pharoah inc has outstanding 8,610,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Pharoah Inc. issued 980,000 shares of common stock for $34 per share to help finance the lossfrom 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 ploces, es. 2.55.)