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Unformatted text preview:800,000 800,000 Balance $ 9,700,000 $ 11,000,000 $ 12,200,000 Income tax 3,880,000 4,400,000 4,880,000 Net income $ 5,820,000 $ 6,600,000 $ 7,320,000 Dividends on preferred stock 5,000,000 5,000,000 5,000,000 Earnings available for common stock $ 820,000 $ 1,600,000 $ 2,320,000 500,000 500,000 500,000 Earnings per share on common stock $ 1.64 $ 3.20 $ 4.64 Instructions ¸ Number of common shares outstanding