10 70f7 Required information [The following information applies to the questions displayed below.) Part 7 of 7 On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: 5 points Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals Debit Credit $ 44,400 47,900 9,200 81,000 $ 10,700 16,300 17,000 97,000 41,500 $182,500 $182,500 During January 2021, the following transactions occur: January 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000. January 9 Provide services to customers on account, $19,300. January 10 tional supplies on account, $6,600. January 12 Purchase 1,200 shares of treasury stock for $20 per share. January 15 Pay cash on accounts payable, $18,200. January 21 Provide services to customers for cash, $50,800. January 22 Receive cash on accounts receivable, $18,300. January 29 Declare a cash dividend of $0.20 per share to all shares outstanding on January 29. The dividend is payable on February 15. (Hint: Grand Finale Fireworks had 17,000 shares outstanding on January 1, 2021, and dividends are not paid on treasury stock.) January 30 Resell 500 shares of treasury stock for $22 per share. January 31 Pay cash for salaries during January, $43,700. 7. Analyze the following for Grand Finale Fireworks: b. How many shares of common stock are outstanding as of January 31, 2021? Answer is complete but not entirely correct. Number of common stock outstanding 11,600 c-1. Calculate earnings per share for the month of January (Hint: To calculate average shares of common stock outstanding take the beginning shares outstanding plus the ending shares outstanding and divide the total by 2.) Answer is complete but not entirely correct. Earnings Per Share Choose Denominator Choose Numerator Net Income Average Shares Outstanding 11,800 = Earnings Per Share Earnings Per Share $ 0.40 $ 4,775