Help System Announcements PRINTER VERSION BACK Exercise 17-4 (Part Level Submission) On January 1, 2020, Cullumber Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,000 shares issued and outstanding $1,000,000 Common shares, 201,000 shares issued and outstanding 2,010,000 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 306,000 common shares. The acquisitions were as follows: Date of Acquisition Shares Issued Company A: April 1, 2020 164,000 Company B: July 1, 2020 83,000 Company C: October 1, 2020 59,000 on May 14, 2020, Cullumber realized a $99,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2000, On December 31, 2020, the company recorded income of $685,000 before tax, not including the discontinued operation gain. Cullumber has a 30% tax rate. (a) x Your answer is incorrect. Try again. Calculate the earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share Income before gain from discontinued operations T 479500 69300 Discontinued operations gain net of tax 410200 Net income 11:18 SOOD ENG