Response to the following problem:
The net income reported on the income statement of Cincinnati Soap Co. was $890,000. There were 500,000 shares of $20 par common stock and 40,000 shares of $8 cumulative preferred stock outstanding throughout the current year. The income statement included two extraordinary items: a $256,000 gain from condemnation of land and a $166,000 loss arising from flood damage, both after applicable income tax.
Determine the per-share figures for common stock for
(a) income before extraordinary items and
(b) net income.