take8un ment eBook Calculator Earnings per Share Disdosure Extreme Company reported the following information about its stock on its December 31, 2016, balance sheet: Preferred stock, $2 par value, 5% cumulative, 300,000 shares authorized, 120,000 shares issued $240,000 Common stock, $1 par value, 500,000 shares authorized, 240,000 shares issued and outstanding 240,000 The following amounts were taken from Extreme's income statement Income from continuing operations before income taxes Income tax expense Income from continuing operations Loss from discontinued operations, net of $13,000 tax benefit Net income $680,000 (204,000) $476,000 (36,000) $440,000 The only stock issued during 2016 was 80,000 shares of common stock issued on June 30, 2016. No dividends were declared during 2016 Required: per share taken into account while calculating earning per share. 2. If the preferred stock is cumulative, the dividend for the current perlod w taken into account only if it has been declared If the preferred stock is niot cumulative, the dividend Check My Work 8