CALCULATOR PRINTER VERSTO Exercise 16-19 A portion of the combined statement of income and retained earnings of Crane Inc, for the current year follows. Income before extraordinary tem Less from discontinued operations net of applicable income tax Note 1) Net income Retained earnings at the beginning of the year $15,130,000 1,370.000 13,760,000 83,050,000 96,510,000 Dividends declared: On preferred stock-56.00 per share On common stock-$1.75 per share Retained earnings at the end of the year $318.000 14,920,000 15,238.000 581,572,000 Note 1. During the year, Crane Ine suffered a major loss from discontinued operation of $1,370,000 after applicable income tax reduction of $1,210,000. At the end of the current year, Crane Inc. has outstanding 8,520,000 shares of sto par common stock and 53.000 shares of 6% preferred. On April 1 of the current year Crane Inc issued 1.020,000 shares of common stock for $35 per share to help finance the loss from discontinued operation Compute the earnings per share on common stock for the current years it should be reported to stockholders. (Round answer to 2 decimal places, . $2.55.) 16-25 Crane Inc. Income Statement Score Results by Study LINK TO TEXT