A portion of the combined statement of income and retained earnings of Pharoah Inc for the current year follows. Income before extraordinary item Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at the beginning of the year $15,050.000 1.320.000 13,730,000 84,590.000 98,320.000 Dividends declared: $294,000 On preferred stock-$6.00 per share On common stock-$1.75 per share Retired earnings at the end of the year 14.660,000 14.954,000 $83,366,000 Note 1. During the year, Pharoah Inc suffered a major loss from discontinued operations of $1.320.000 after applicable income to Note 1. During the year. Pharoah Inc. suffered a major loss from discontinued operations of $1,320,000 after applicable income tax reduction of $1.190,000 At the end of the current year, Pharoah Inc. has outstanding 8.560,000 shares of $10 par common stock and 49,000 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. hi 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, eg. $2.55.) Pharoah Inc. Income Statement $ Question 7 of 19 ah Inc. issued 980.000 shares of ock for the current year as it shou Dividends prExpenses lo Extraordinary Loss Extraordinary Gain Income Before Extraordinary Loss ci Income From Continuing Operations de Income Per Share Before Extraordinary Item Loss From Discontinued Operations Net Income/(Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues sent $ $ e Textbook and Media