Exercise 16-16 (Part Level Submission) On January 1, 2018, Bonita 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 117,000 shares March 1 May 1 une 1 October 1Reissued 62,000 shares of treasury stock Issued a 10% stock dividend Acquired 101,000 shares of treasury stock Issued a 3-for-1 stock split (a) Your answer is correct. Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted-average number of shares outstanding 1751425 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts:1 of 3 used (b) Your answer is correct. Assume that Bonita Corp. earned net income of $3,500,000 during 2018. In addition it had 96,000 shares of 996, $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 2.00 SHOW SOLUTION SHOW ANSWER LINK TO TEXT (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 LINK TO TEXT Attempts: 0 of 3 used