Exercise 16-19 A portion of the combined statement of income and retained earnings of Bridgeport 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 $14,730,000 1,320,000 13,410,000 82,710,000 96,120,000 Dividends declared: On preferred stock-$6.00 per share $324,000 On common stock-$1.75 per share 14,830,000 15,154,000 Retained earnings at the end of the year $80,966,000 Note 1. During the year, Bridgeport Inc. suffered a major loss from discontinued operations of $1,320,000 after applicable income tax reduction of $1,180,000. shares of 6%, preferred on April At the end of the current year, Bridgeport Inc. has outstanding 8 630 00 shares of $1 par common stock and 54 00 issued 980,000 shares of common stock for $33 per share to help finance the loss from discontinued operations l o he current ea Bridgeport in. 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.) Bridgeport Inc Income Stabement Click if you would like to Show Work for this question: Open Show Work