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Compute the weighted-average number of common shares

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Question - Keynote Inc. uses a calendar year for financial reporting. The company is authorized to issue 20,000,000 shares of $1 par common stock. At no time has Keynote issued any potentially dilutive securities. Listed below is a summary of Keynote's common stock activities.

1. Number of common shares issued and outstanding at December 31, 2018 5,000,000.

2. Shares issued for cash on March 31, 2019 1,000,000.

3. A 2-for-1 stock split of Keynote's common stock took place on August 31, 2020.

4. Shares issued as a result of a 30% stock dividend on June 30, 2021 3,600,000.

Required -

(a) Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.

(b) Compute the weighted-average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement.

(c) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2020 on the 2021 comparative income statement.

(d) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2021 on the 2021 comparative income statement.

Reference no: EM132810998

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