Please answer problem c below recalculating the EPS for problem b. Thank you.

(b)

Assume that Marigold Corp. earned net income of $ 3,324,000 during 2021. In addition, it had 99,000 shares of 8%, $ 100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$

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Solution

(c)

Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$