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On January 1, 2018, Edward Corporation had 29,000 shares of $5 par value common stock and...

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Accounting

On January 1, 2018, Edward Corporation had 29,000 shares of $5par value common stock and 29,000 shares of 7%, $100 par valueconvertible preferred stock outstanding. The preferred sharescarried a 2-for-1 conversion privilege. On October 1, 2018, all ofthe preferred shares were converted to common. What number ofshares must Edward use in computing basic earnings per share atDecember 31, 2018?

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