Exercise 16-15

Novak Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,770,000 shares of $10 par common stock. At no time has Novak issued any potentially dilutive securities. Listed below is a summary of Novaks common stock activities.

1.		Number of common shares issued and outstanding at December 31, 2015		2,050,000
2.		Shares issued as a result of a 10% stock dividend on September 30, 2016		205,000
3.		Shares issued for cash on March 31, 2017		1,910,000
		Number of common shares issued and outstanding at December 31, 2017		4,165,000
4.		A 2-for-1 stock split of Novaks common stock took place on March 31, 2018