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During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue

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During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 100 million common shares, \$1 par per share. Jan. 2 Issued 20 aililion comnon aharen for cash, 3 Zntered an agreenent with the company president to issue up to 2 aillion additional shares of conson utock in 2022 bssed on the earningu of Meco1lum in 2022. If net income exceeds $140 nillion, the president wil1 receive i million shares; 2 million aharea if nat income exceeds $150mil1 ion. Mar. 31 Ianued 4 million maren in exchange for plant faeilities. Net income for 2021 was $141 million. Required: Compute basic and diluted earnings per share for the year ended December 31, 2021. (Do not round intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

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