C-Bay Inc.'s accounting year ends on December 31. During the following three years, its common shares outstanding changed as follows.

Required

a. For purposes of calculating EPS at the end of each year, determine the number of shares outstanding. Consider each reporting year separately.

b. For purposes of calculating EPS at the end of 2022, when comparative statements are being prepared on a three-year basis, determine the number of shares outstanding for each year.

c. Compute EPS for each year based on computations in part \(b\). Assume net income is \(\$ 375,000, \$ 330,000\), and \(\$ 299,000\), for years 2022,2021 , and 2020 , respectively.

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2022 2021 2020 Shares outstanding, January 1....... Sales of shares, April 1, 2020. 25% stock dividend, July 1, 2021. 2-for-1 stock split, July 1, 2022... 150,000 120,000 100,000 20,000 30,000 150,000 Shares sold, October 1, 2022..... 50,000 Shares outstanding, December 31. 350,000 150,000 120,000