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Exercise 16-16 On January 1, 2018, Cullumber Corp. had 502,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 125,000 shares Issued a 10% stock dividend Acquired 98,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 58,000 shares of treasury stock *Your answer is incorrect. Try again. Determine the weighted average number of shares outstanding as of December 31, 2018. The weighted average number of shares outstanding T 1824225 LINK TO TEXT x Your answer is incorrect. Try again. Assume that Cullumber Corp. earned net income of $3,605,000 during 2018. In addition, it had 104,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2018. Compute earnings per share for 2018, using the weighted average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share 1.98 LINK TO TEXT Your answer is correct. Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share SHOW SOLUTION SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $449,000 (net of tax). Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.) Cullumber Corp. Income Statement For the Year Ended December 31, 2018 T Income From Continuing Operations 2.22 TLoss From Discontinued Operations - 0.24 T Net Income / (Loss) T 1.98 Click if you would like to Show Work for this question: Open Show Work

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