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Exercise 16-15 Crane Inc. uses a calendar year for financial reporting. The company is authorized...

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Exercise 16-15 Crane Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,840,000 shares of $12 par common stock. At no time has Crane issued any potentially dilutive securities. Listed below is a summary of Crane's common stock activities 1. Number of common shares issued and outstanding at December 31, 2015 3. Shares issued for cash on March 31, 2017 2,090,000 50,800 1,940,000 4,280,800 Shares issued as a result of a 12% stock dividend on September 30, 2016 Number of common shares issued and outstanding at December 31, 2017 4. A 2-for-1 stock split of Crane's common stock took place on March 31, 2018 Compute the weighted-average number of common shares used in computing earnings per common share for 2016 on the 2017 comparative income statement Compute the weighted-average number of common shares used in computing earnings per common share for 2017 on the 2017 comparative income statement shares

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