Brief Exercise 16-11

Cullumber Corporation had 312,000 shares of common stock outstanding on January 1, 2017. On May 1, Cullumber issued 29,700 shares. (a) Compute the weighted-average number of shares outstanding if the 29,700 shares were issued for cash.

Weighted-average number of shares outstanding

$

(b) Compute the weighted-average number of shares outstanding if the 29,700 shares were issued in a stock dividend.

Weighted-average number of shares outstanding

$