A portion of the combined statement of income and retained earnings of Metlock Inc. for the current year follows. $15,080,000 Income before extraordinary item Loss from discontinued operations, net of applicable income tax (Note 1) 1,310,000 Net income 13,770,000 Retained earnings at the beginning of the year 82,660,000 96,430,000 Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share $318,000 14,980,000 15.298.000 $81,132,000 Retained earnings at the end of the year Note 1. During the year, Metlock Inc. suffered a major loss from discontinued operations of $1,310,000 after applicable income tax reduction of $1,230,000. At the end of the current year, Metlock Inc. has outstanding 8,450,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Metlock Inc. issued 1,000,000 shares of common stock for $32 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 decimal places, e.g. $2.55.) Metlock Inc. Income Statement