RCES Exercise 16-19 Your answer is partially correct. Try again. A portion of the combined statement of income and retained earnings of Marigold Inc. for the current year follows Income before extraordinary item Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at the beginning of the year 15,090,000 1,330,000o 13,760,000 84,780,000 98,540,000 Study Dividends declared On preferred stock-$6.00 per share $312,000 960,000 15,272,000 On common stock-$1.75 per share Retained earnings at the end of the year $83,268,000 Note 1. During the year, Marigold Inc. suffered a major loss from discontinued operations of $1,330,000 after applicable income tax reduction of $1,190,000 At the end of the current year, Marigold Inc. has outstanding 8,430,000 shares of $10 par common stock and 52,000 shares of 6% preferred. On April 1 of the current year, Marigold Inc. issued 980,000 shares of common stock for $30 per share to help finance the loss from discontinued operations Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g.$2.55.) Marigold lac. Income Statement RCES Exercise 16-19 Your answer is partially correct. Try again. A portion of the combined statement of income and retained earnings of Marigold Inc. for the current year follows Income before extraordinary item Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at the beginning of the year 15,090,000 1,330,000o 13,760,000 84,780,000 98,540,000 Study Dividends declared On preferred stock-$6.00 per share $312,000 960,000 15,272,000 On common stock-$1.75 per share Retained earnings at the end of the year $83,268,000 Note 1. During the year, Marigold Inc. suffered a major loss from discontinued operations of $1,330,000 after applicable income tax reduction of $1,190,000 At the end of the current year, Marigold Inc. has outstanding 8,430,000 shares of $10 par common stock and 52,000 shares of 6% preferred. On April 1 of the current year, Marigold Inc. issued 980,000 shares of common stock for $30 per share to help finance the loss from discontinued operations Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g.$2.55.) Marigold lac. Income Statement