Exercise 16-1 A portion of the combined statement of income and retained earnings of Cullumber Inc. for the current year follows. oblem 16-1 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 14,900,000 Review Resuits by Study gD)lective 13,580,000 84,260,000 97,840,000 Dividends declared: On preferred stock-$6.00 per share $282,000 On common stock-$1.75 per share Retained earnings at the end of the year 92,958,000 Note 1. During the year, Cullumber Inc. suffered a major loss from discontinued operations of $1,320,000 after applicable income tax reduction of $1,220,000. At the end of the current year, Cullumber Inc. has outstanding 8,550,000 shares of $10 par common stock and 47,000 shares of 6% preferred. On April 1 of the current year, Cullumber Inc. issued 980,000 shares of common stock for $31 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.) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: Unlimited VE FOR LATE