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Assume the following financial data for Rembrandt Paint Co. and Picasso Art Supplies: Total earnings Number of shares of stock outstanding Earnings per share Price-earnings ratio (P/E) Market price per share Rembrandt Paint Co. $ 408,000 120,000 $ 3.40 20 $ 68 Picasso Art Supplies $ 940,000 470,000 $ 2 34 $ 68 If all the shares of Rembrandt Paint Co. are exchanged for those of Picasso Art Supplies on a share-for-share basis, what will postmerger earnings per share be for Picasso Art Supplies? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Postmerger earnings per share $ 2.45 X