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21. Walden Corporation had 1,000,000 shares of authorized common stock: 200,000 shares issued; and 120,000 shares outstanding as of January 1, 2020. During 2020 Walden

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21. Walden Corporation had 1,000,000 shares of authorized common stock: 200,000 shares issued; and 120,000 shares outstanding as of January 1, 2020. During 2020 Walden reported sales of $5,000,000 and operating income (Earnings Before Interest & Taxes) of $2,000,000 and net income of $1,575,000. Walden also paid out $300,000 in common dividends to the common stockholders. Also, on October 1, 2020 Walden repurchased 20,000 shares of the outstanding common stock. In computing the Basic Earnings per Share (EPS) for the year 2020, the denominator would be: O a. 100,000 shares O b. 110,000 shares O c. 115,000 shares O d. 120,000 shares O e. 200,000 shares

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