Rice Inc. had 19 million shares of common stock and 1 million shares of 6%,$20 par, nonconvertible cumulative preferred stock outstanding at the end of 2017 and 2018. No dividends were declared or paid on either class of stock in either year. Net income for 2018 was $39,200,000. The company's tax rate is 30%. Required: What type of capital structure does Rice have? Explain. Compute earnings per share for the year ended December 31, 2018. a. b