Reference no: EM132647388

At December 31, 2020, Sheffield Corporation had the following shares outstanding:

9% cumulative preferred shares, 112,400 shares outstanding             $11,240,000

Common shares, 4,200,000 shares outstanding                                 21,000,000

During 2020, the corporation's only share transaction was the issuance of 470,000 common shares on April 1. During 2020, the following also occurred:

Income from continuing operations before tax     $22,850,000

Discontinued operations (loss before tax)            3,266,000

Preferred dividends declared                             1,011,600

Common dividends declared                               2,100,000

Effective tax rate                                                    33%

Problem 1: Calculate earnings per share information as it should appear in the financial statements of Sheffield Corporation for the year ended December 31, 2020. (Round per share answer to 2 decimal places, e.g. 52.75.)