Reference no: EM132937222
On January 1, 2020, Sunland Ltd. had 498,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account:
Feb. 1 Issued 177,000 shares.
Mar. 1 Issued a 19% stock dividend.
May 1 Acquired 192,000 common shares and retired them.
June 1 Issued a 2-for-1 stock split.
Oct. 1 Issued 74,000 shares.
The company's year end is December 31.
Problem 1. Assume that Sunland earned net income of $3,494,000 during 2020. In addition, it had 110,000 of 8%, $100 par, non-convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2020.
Calculate earnings per share for 2020, using the weighted average number of shares determined above.
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