Brief Exercise 16-11

Flint Corporation had 303,000 shares of common stock outstanding on January 1, 2017. On May 1, Flint issued 32,400 shares. (a) Compute the weighted-average number of shares outstanding if the 32,400 shares were issued for cash.

Weighted-average number of shares outstanding

$

(b) Compute the weighted-average number of shares outstanding if the 32,400 shares were issued in a stock dividend.

Weighted-average number of shares outstanding

$