Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Cullumber Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash $348,000 $417,400 776,500 Accounts receivable, net 1,066,200 Inventory 748,000 681,000 Other current assets 303,000 2,465,200 247,000 2,121,900 Total current assets Property, plant, & equipment, net 8,856,175 8,407,585 Total assets $11,321,375 $10,529,485 Liabilities and Stockholders' Equity Current liabilities $3,121,000 $2,846,000 Long-term debt 3,702,700 3,892,650 Total liabilities 6,823,700 6,738,650 Liabilities and Stockholders' Equity Current liabilities $3,121,000 $2,846,000 Long-term debt 3,702,700 3,892,650 Total liabilities 6,823,700 6,738,650 Preferred stock, $5 par value 58,700 58,700 Common stock, $0.25 par value 104,000 103,800 Retained earnings 4,334.975 3,628,335 Total stockholders' equity Total liabilities and stockholders' equity 4,497,675 3,790,835 $11,321,375 $10,529,485 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,240,000 $9,614,000 Cost of goods sold Gross profit 5,363,000 4,877,000 2,840,300 2,036,700 5,298,700 4,315,300 2,634,100 1,681,200 Operating expenses Net operating income Operating expenses 2,840,300 2,634,100 Net operating income 2,036,700 1,681,200 Interest expense 378,000 308,650 Net income before taxes 1,658,700 1,372,550 Income taxes (30%) 497,610 411,765 Net income $1,161,090 $960,785 Dividends paid Preferred dividends Common dividends Total dividends paid 29,450 2 9,450 425,000 460,000 454,450 489,450 706,640 471,335 3,628,335 3,157,000 $4,334,975 $3,628,335 Net income retained Retained earnings, beginning of year Retained earnings, end of year (a) Calculate the earnings per share (average of 361,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share per share e Textbook and Media Save for Later Attempts: 0 of 12 used Submit