Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow: 2019 2020 Sales $ 1stQ 32,000 $ 2ndQ 3rdQ 4thQ 1stQ 34,000 $ 36,000 $ 38,000 $ 40,000 Cost of goods sold (LIFO) 6,200 7,200 8,000 9,200 10,700 Operating expenses 4,200 4,400 4,800 5,200 5,400 Income before income taxes $ 21,600 $ Income taxes (25%) 5,400 22,400 $ 5,600 23,200 $ 23,600 $ 23,900 5,800 5.900 5,975 Net income $ 16,200 $ 16,800 $ 17,400 $ 17,700 $ 17,925 If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows: Cost of goods sold (FIFO) 1stQ 2019 2ndQ 3rdQ 4thQ 2020 1stQ 6,000 $ 6,800 $ 7.400 $ 8,200 $9,600 Sales for the second quarter of 2020 are $42,000, cost of goods sold under the FIFO method is $11,200, and operating expenses are $5,600. The effective tax rate remains 25 percent. Volata Company has 1,000 shares of common stock outstanding. Prepare a schedule showing the calculation of net income and earnings per share that Volata reports for the three-month period and the six-month period ended June 30, 2020. (Round "Earnings per share" answers to 2 decimal places.) Net income Net income per common share Three Months Ended June 30 Six Months Ended June 30 2019 2020 2019 2020