*Exercise 16-20 On January 1, 2020, Kingbird 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, Kingbird authorized the issuance of an additional 160,800 common shares. The acquisitions took place as shown below. Date of Acquisition Company A April 1, 2020 Company B July 1, 2020 Company C October 1, 2020 Shares Issued 51,600 80,400 28,800 On May 14, 2020, Kingbird realized a $86,400 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Kingbird recorded income of $309,600 from continuing operations (after tax). Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Kingbird Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.) Kingbird Industries Income Statement