(Answered) Question - drury corporation needs to raise 1700000 the

Accounting

Question - Drury Corporation needs to raise $1,700,000. The corporation plans on selling 110,000 shares of $23 par value common stock. Drury Corporation currently has 140,000 shares of stock outstanding and net income of $1,300,000. The $1,700,000 from the stock sale is expected to generate additional income of $400,000 before interest and taxes. The income tax rate is 30%. What are the earnings per share after the sale of 110,000 shares of stock? (Round your final answer to the nearest cent.)

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