Financial year end: December 31 Stock outstanding at 12/31/2013: 10% cumulative preferred stock, $ 100 par, 107,500 shares $10,750,000 Common stock, $ 5 par, 4,000,000 shares $20,000,000 During 2014, the company did not issue any additional common stock. The following occurred during 2014. Income from continuing operations before taxes $ 23,650,000 Discontinued operations ( loss before taxes) $ 3,225,000 Preferred dividends declared $ 1,075,000 Common dividends declared $ 2,200,000

Effective tax rate 35%

Prepare the 2014 income statement starting with the line Income from Continuing Operations Before Tax. Use neat format and show each necessary step. Present the earnings per share data at the end ( Round to two decimal places).