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884 Chapter 16 Diutive Soul soffice of Thomp the year ending stocka Instru 818 Cha Id Prepane, in good form, a comparative income statement, tion for the fiscal years ended May 31, 2017 and May 31, 2016. THE Aport and should display the appropriate camings per share presentations Instructie P16- finan should no a) T May (b) T inco id P107 1104,5) GROUPWORK Computation of Basic and Dlluted FPS) Charles Austin of the controller's office of n. corporation was given the assignment of determining the basic and diluted earnings per share values for the year December 31, 2018 Austin has compiled the information listed below. 1. The company is authorized to issue 8.000.000 shares of $10 par value common stock. As of December 31, 2017, 2.000 shares had been issued and were outstanding 2. The per share market prices of the common stock on selected dates were as follows. curi 15-23 and 15 Price per Share $20.00 no July 1, 2017 25.00 Instruc 10.50 9.00 10.00 January 1, 2018 April 1, 2018 11.00 July 1, 2018 August 1, 2015 November 1, 2018 December 31, 2018 A total of 200,000 shares of an authorized 1,200,000 shares of convertible preferred stock had been issued on July 1, 2017 The stock was issued at its par value of $25, and it has a cumulative dividend of $3 per share. The stock is convertible into common stock at the rate of one share of convertible preferred for one share of common. The rate of conversion is to be automatically adjusted for stock splits and stock dividends. Dividends are paid quarterly on September 30, December 31 March 31, and June 30 4. Thompson Corporation is subject to a 40% income tax rate. 5. The after-tax net income for the year ended December 31, 2018, was $11,550,000 The following specific activities took place during 2018. L ary 1A.common stock dividend was issued. The dividend had been declared on December 1, 2017, to all stock. holders of record on December 29, 2017 2 April 1A total of 400,000 shares of the convertible preferred stock was converted into common stock. The company sad new common stock and retired the preferred stock. This was the only conversion of the preferred stock during 2018, uy 1-A2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on June 1. 4 A 1-A total of 300,000 shares of common stock were issued to acquire a factory building 5 November 1-A total of 24,000 shares of common stock were purchased on the open market at $9 per share. These shares were to be held as treasury stock and were still in the treasury as of December 31, 2018. 6. Common stock cash dividend Cash dividends to common stockholders were declared and paid as follows. April 15$0.30 per share October 15-$0.20 per share 713-74 7. Preferred stock cash dividends Cash dividends to preferred stockholders were declared and paid as scheduled. ch Instructions Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2018 b) Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2018 la Compute the adjusted net income to be used as the numerator in the basic earnings per share ended December 31, 2018