Exercise 16 15 Sheffield Inc uses a calendar year for financial reporting The company is authorized to issue 8,420,000 shares of $12 par common stock At no time has Sheffield issued any potentially dilutive securities Listed below is a summary of Sheffields common stock activities 1 Number of common shares issued and outstanding at December 31, 2015 2,010,000 2 Shares issued as a result of a 12 stock dividend on September 30, 2016 241,200 3 Shares issued for cash on March 31, 2017 2,060,000 Number of common shares issued and outstanding at December 31, 2017 4,311,200 4 A 2 for 1 stock split of Sheffields common stock took place on March 31, 2018 a Compute the weighted average number of common shares used in computing earnings per common share for 2016 on the 2017 comparative income statement b Compute the weighted average number of common shares used in computing earnings per common share for 2017 on the 2017 comparative income statement c Compute the weighted average number of common shares to be used in computing earnings per common share for 2017 on the 2018 comparative income statement d Compute the weighted average number of common shares to be used in computing earnings per common share for 2018 on the 2018 comparative income statement

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Exercise 16-15 Sheffield Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,420,000 shares of $12 par common stock. At

Exercise 16-15

Sheffield Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,420,000 shares of $12 par common stock. At no time has Sheffield issued any potentially dilutive securities. Listed below is a summary of Sheffields common stock activities.

1.	Number of common shares issued and outstanding at December 31, 2015	2,010,000
2.	Shares issued as a result of a 12% stock dividend on September 30, 2016	241,200
3.	Shares issued for cash on March 31, 2017	2,060,000
	Number of common shares issued and outstanding at December 31, 2017	4,311,200
4.	A 2-for-1 stock split of Sheffields common stock took place on March 31, 2018

a.Compute the weighted-average number of common shares used in computing earnings per common share for 2016 on the 2017 comparative income statement. b.Compute the weighted-average number of common shares used in computing earnings per common share for 2017 on the 2017 comparative income statement. c.Compute the weighted-average number of common shares to be used in computing earnings per common share for 2017 on the 2018 comparative income statement. d.Compute the weighted-average number of common shares to be used in computing earnings per common share for 2018 on the 2018 comparative income statement.