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On January 1, 2021, Novak Corp. had 461,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account. February 1 Issued 124,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 104,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 61,000 shares of treasury stock (a) Your answer is correct. Determine the weighted average number of shares outstanding as of December 31, 2021. The weighted-average number of shares outstanding 1703650 (b) Your answer is correct. Assume that Novak Corp. earned net income of $3,325,000 during 2021. In addition, it had 102,000 shares of 10%, $ 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 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $ $ 1.95 eTextbook and Media Attempts: 1 of 10 used (c) Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $

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