Monty Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May $31,2023,$ and May $31,2024.$ The income from operations for the fiscal year ended May $31,2023,$ was $$1,715,800$ and income from continuing operations for the fiscal year ended May $31,2024,$ was $$2,508,000.$ In both years, the company incurred a $10\%$ interest expense on $$2,549,000$ of debt, an obligation that requires interest$-$only payments for $5$ years. The company experienced a loss from discontinued operations of $$645,800$ on February $2024.$ The company uses a $30\%$ effective tax rate for income taxes.

The capital structure of Monty Corporation on June $1,2022,$ consisted of $1,087,100$ shares of common stock outstanding and $21,100$ shares of $$50$ par value, $6\%,$ cumulative preferred shares. There were no preferred dividends in arrears, and the company had not issued any convertible securities$,$ options, or warrants.

On October $1,2022,$ Monty sold an additional $521,700$ shares of the common stock at $$20$ per share. Monty distributed a $20\%$ stock dividend on the common shares outstanding on January $1,2023.$ On December $1,2023,$ Monty was able to sell an additional $730,000$ shares of the common stock at $$20$ per share. These were the only common stock transactions that occurred during the two fiscal years.

B$/$ Determine the weighted$-$average number of shares that Monty Corporation would use in calculating earnings per share for the fiscal year ended:

Weighted$-$average number of shares

$(1)$ May $31,2023$

$(2)$ May $31,2024$

C$/$ Prepare, in good form, a comparative income statement, beginning with income from operations, for Monty Corporation for the fiscal years ended May $31,2023,$ and May $31,2024.$ This statement will be included in Monty's annual report and should display the appropriate earnings per share presentations. $($Round earnings per share to $2$ decimal places, e$.$g$.$ $$1\mathrm{.}55.)$

MONTY CORPORATION

Comparative Income Statement

For Fiscal Years Ended May $31,2023$ and $2024$

$20232024$

$

$

$

$

Earnings per share:

$

$

$