P 9-9Assume the following facts for the current year: Net income$200,000Common dividends$ 20,000Preferred dividends (The preferred stock is not convertible.)$ 10,000Common shares outstanding on January 120,000 shares common stock issued on July 15,000 shares2-for-1 stock split on December 31

Required.

a. Compute the earnings per share for the current year

.b. Earnings per share in the prior year was $8.00. Use the earnings per share computed in(a) and present a two-year earnings per share comparison for the current year and the prior year.