Exercise 16-16 On January 1, 2018, Wilke Corp. had 480,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 Issued 120,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 100,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 60,000 shares of treasury stock Correct answer. Your answer is correct. Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted-average number of shares outstanding Entry field with correct answer SHOW SOLUTION LINK TO TEXT Correct answer. Your answer is correct. Assume that Wilke Corp. earned net income of $3,456,000 during 2018. In addition, it had 100,000 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 $Entry field with correct answer SHOW SOLUTION LINK TO TEXT Correct answer. Your answer is correct. 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 $Entry field with correct answer SHOW SOLUTION LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $432,000 (net of tax). Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.) Wilke Corp. Income Statement Entry field with correct answer Entry field with incorrect answer now contains modified data $Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Click if you would like to Show Work for this question: Open Show Work