E16-18 (EPS: Simple Capital Structure) Kendall Inc. presented the following data. Net income $2,200,000 Preferred stock:

E16-18 (EPS: Simple Capital Structure) Kendall Inc. presented the following data.Net income $2,200,000Preferred stock: 50,000 shares outstanding,$100 par, 8% cumulative, not convertible 5,000,000Common stock: Shares outstanding 1/1 600,000Issued for cash, 5/1 300,000Acquired treasury stock for cash, 8/1 150,0002-for-1 stock split, 10/1InstructionsCompute earnings per share