Exercise 16-20 On January 1, 2017, Whispering Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,900 shares $990,000 Common stock, $10 par value, issued and outstanding 199,000 shares 1,990,000 To acquire the net assets of three smaller companies, Whispering authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2017 51,600 Company B July 1, 2017 80,400 Company C October 1, 2017 28,800 On May 14, 2017, Whispering realized a $86,400 (before taxes) insurance gain on discontinued operations On December 31, 2017, Whispering recorded income of $309,600 from continuing operations (after tax) Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Whispering Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.) whispering Industries Income Statement