On January 1, 2018,SunlandCorp. had459,000shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1Issued123,000sharesMarch 1Issued a 10% stock dividendMay 1Acquired101,000shares of treasury stockJune 1Issued a 3-for-1 stock splitOctober 1Reissued57,000shares of treasury stock

Part 1

Determine the weighted-average number of shares outstanding as of December 31, 2018.

The weighted-average number of shares outstanding

Assume thatSunlandCorp. earned net income of $3,577,000during 2018. In addition, it had95,000shares of9%, $100par 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

Part 2

Assume thatSunlandCorp. earned net income of $3,577,000during 2018. In addition, it had95,000shares of9%, $100par 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

Part 3

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

Part 4

Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $413,000(net of tax). Compute earnings per share for 2018.(Round answer to 2 decimal places, e.g. $2.55.)

SunlandCorp.

Income Statement

choose the accounting period

December 31, 2018

For the Year Ended December 31, 2018

For the Quarter Ended December 31, 2018

select an opening name for this statement

Dividends

Expenses

Extraordinary Loss

Extraordinary Gain

Income Before Extraordinary Item

Income From Continuing Operations

Income Per Share Before Extraordinary Item

Loss From Discontinued Operations

Net Income / (Loss)

Retained Earnings, January 1

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

$

enter a dollar amount per share rounded to 2 decimal places

select an income statement item

Dividends

Expenses

Extraordinary Loss

Extraordinary Gain

Income Before Extraordinary Item

Income From Continuing Operations

Income Per Share Before Extraordinary Item

Loss From Discontinued Operations

Net Income / (Loss)

Retained Earnings, January 1

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

enter a dollar amount per share rounded to 2 decimal places

select a closing name for this statement

Dividends

Expenses

Extraordinary Loss

Extraordinary Gain

Income Before Extraordinary Item

Income From Continuing Operations

Income Per Share Before Extraordinary Item

Loss From Discontinued Operations

Net Income / (Loss)

Retained Earnings, January 1

Retained Earnings, December 31

Revenues

Total Expenses

Total Revenues

enter a total earnings per share amount rounded to 2 decimal places

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