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Exercise 16-18 Cullumber Inc. presented the following data. Net income $2,340,000 Preferred stock: 52,000 shares outstanding,...

Exercise 16-18 Cullumber Inc. presented the following data.

Net income $2,340,000

Preferred stock: 52,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,200,000

Common stock: Shares outstanding 1/1 816,000

Issued for cash, 5/1 322,800

Acquired treasury stock for cash, 8/1 136,800

2-for-1 stock split, 10/1

Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings per share $

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Answer #1

Answer: Earning per share = $ 0.99

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