Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The companys interim income statements as originally reported under the LIFO method follow:

If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows:

Sales for the second quarter of 2017 are $42,000, cost of goods sold under the FIFO method is $11,200, and operating expenses are $5,600. The effective tax rate remains 40 percent. Cambi Company has 1,000 shares of common stock outstanding.

Prepare a schedule showing the calculation of net income and earnings per share that Cambi reports for the three-month period and the six-month period ended June 30, 2017. (Round "Earnings per share" answers to 2 decimal places.)

Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (40%) Net income 1st $ 32,000 6,200 4,200 $ 21,600 8,640 $ 12,960 2016 2ndQ 3rdQ $ 34,000 $ 36,000 7,200 8,000 4,400 4,800 $ 22,400 $ 23,200 8,960 9,280 $ 13,440 $ 13,920 4th $ 38,000 9,200 5,200 $ 23,600 9 ,440 $ 14,160 2017 1sto $40,000 10,700 5,400 $ 23,900 9,560 $ 14,340 1st $ 6,000 2016 2nd 3rd $ 6,800 $ 7,400 4thQ $8,200 2017 1 st $9,600 Cost of goods sold (FIFO) Three Months Ended June 30 2016 2017 Six Months Ended June 30 2016 2017 Net income Net income per common share