Exercise 16-20 On January 1, 2017, Culver Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,200 shares Common stock, $10 par value, issued and outstanding 191,000 shares $920,000 1,910,000 To acquire the net assets of three smaller companies, Culver authorized the issuance of an additional 157,200 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 20127 Company B July 1,2017 Company C October 1, 2017 49,200 78,000 30,000 On May 14, 2017, Culver realized a $87,600 (before taxes) insurance gain on discontinued operations On December 31, 2017, Culver recorded income of $283,200 from continuing operation:s (after tax) Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Culver Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.) Culver Industries Income Statement