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Pharoah Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. 2015 Pharoah Medical Comparative Balance Sheet As of December 31 2016 Assets Current assets Cash $343,000 Accounts receivable, net 1,066,500 Inventory 722,000 Other current assets 344,000 Total current assets 2,475,500 Property, plant, & equipment, net 9,920,900 Total assets $12,396,400 $417,450 776,450 681,000 247,050 2,121,950 8,390,990 $10,512,940 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $3,185,000 3,702,700 6,887,700 56,500 175,000 5,277,200 5,508,700 $12,396,400 $2,846,000 3,892,600 6,738,600 56,500 103,800 3,614,040 3,774,340 $10,512,940 Pharoah Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,970,000 $9,613,900 Cost of goods sold 4,742,000 5,298,800 Gross profit 6,228,000 4,315,100 Operating expenses 2,840,200 2,634,200 Net operating income 3,387,800 1,680,900 Interest expense 374,000 308,700 Net income before taxes 3,013,800 1,372,200 Income taxes (30%) 904,140 411,660 Net income $2,109,660 $960,540 Dividends paid Preferred dividends 29,500 29,500 Common dividends 417,000 458,000 Total dividends paid 446,500 487,500 Net income retained 1,663,160 473,040 Retained earnings, beginning of year 3,614,040 3,141,000 Retained earnings, end of year $5,277,200 $3,614,040 (a) Calculate the earnings per share (average of 354,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, e.g. 2.55.) Earning per share $ per share

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