On January 1, 2018, Teal Corp. had 502,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1		Issued 125,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 97,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 62,000 shares of treasury stock

Part 1 Your answer is correct. Determine the weighted average number of shares outstanding as of December 31, 2018. The weighted average number of shares outstanding 1,856,225 Part 2 Your answer is correct. Assume that Teal Corp.earned net income of $3,550,000 during 2018. In addition, it had 102,000 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 $ 1.91 Part 3 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, eg. $2.55.) Earnings Per Share $ 1.417 Part 4 - Your answer is partially correct. Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $454,000 (net of tax). Compute earnings per share for 2018. (Round answer to 2 decimal places, eg. $2.55.) Teal Corp. Income Statement For the Year Ended December 31, 2018 Income From Continuing Operations 4,004,000 Loss From Discontinued Operations 454,000 Net Income /(Loss) 3,550,000