A portion of the combined statement of income and retained earnings of Sandhill Inc for the current year follows. Note 1. During the year, Sandhill Inc suffered a major loss from discontinued operations of $1,346,300 after applicable income tax reduction of $1,210,000 At the end of the current year, Sandhill inc, has outstanding 8,670,000 shares of $10 par common stock and 55,000 shares of 6% preferred. On April 1 of the current year, 5andhill Incissued 1.010,000 shares of common stock for 534 per share to help financie the loss from discontimied operations. Compute the earnings per share on common stock for the current vear as it should be reported to stockholders. (Round answer to 2 decimal ploces, es . 2.55j SANDHILL INC. Income Statement For the Year Ended December 31
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