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On January 1 , 2023 , Cullumber Ltd ...

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Question

Accounting

On January
1
,
2023
,
Cullumber Ltd
.
had
600
,
000
common shares outstanding. During
2023
,
it had the following transactions that outstanding for the entire year.
affected the common share account:
Feb.
1
Issued
200
,
000
shares
Mar.
1
Issued a
10
%
stock dividend
May
1
Acquired
220
,
000
common shares and retired them
June
1
Issued a
3
-
for
-
1
stock split
Oct.
1
Issued
50
,
000
sharesAssume that Cullumber earned net income of $2,589,000 during 2023. In addition, it had 110,000 of 10%,$100 par, non-
convertible, cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company
did not declare and pay a preferred dividend in 2023.
Calculate earnings per share for 2023 using the weighted average number of shares determined above. (Round answer to 2
decimal places, e.g.15.25.)
Earnings per share $
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