Exercise 16-20 On January 1, 2020, Sandhill Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 9,100 shares $910,000 Common stock, $10 par value, issued and outstanding 186,000 shares 1,860,000 To acquire the net assets of three smaller companies, Sandhill 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 50,400 79,200 31,200 On May 14, 2020, Sandhill realized a $86,400 (before taxes) insurance gain on discontinued operations. On December 31, 2020, Sandhill recorded income of $289,200 from continuing operations (after tax). Assuming a 20% tax rate, compute the earnings per share data that should appear on the financial statements of Sandhill Industries as of December 31, 2020. (Round answer to 2 decimal places, e.g. $2.55.) Sandhill Industries Income Statement Click if you would like to Show Work for this question: Open Show Work