Exercise 16-16 On January 1, 2018, Marin Corp. had 497,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1 Issued 114,000 shares

March 1 Issued a 10% stock dividend

May 1 Acquired 102,000 shares of treasury stock

June 1 Issued a 3-for-1 stock split

October 1 Reissued 61,000 shares of treasury stock

A) Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted-average number of shares outstanding__________

B)Assume that Marin Corp. earned net income of $3,601,000 during 2018. In addition, it had 95,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2018. Compute earnings per share for 2018, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share $ ________(Incorrect answer).

.C)Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share $__________

D)Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $425,000 (net of tax). Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.)

E) Marin Corp. Income Statement

For the Year ended December 31, 2018

Income from Continuing Operations _________________

Loss from discontinued Operations___________________

Net Income/Net loss ==================