Problem - Flagstad Inc. presented the following data.
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Net income
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$2,596,000
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Preferred stock: 55,700 shares outstanding, $100 par, 9% cumulative, not convertible
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5,570,000
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Common stock: Shares outstanding 1/1
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712,800
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Issued for cash, 5/1
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411,600
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Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1
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178,000
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Compute earnings per share.