On January 1, 2021, Sheffield Corp. had 474,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

February 1Issued 126,000 sharesMarch 1Issued a 10% stock dividendMay 1Acquired 100,000 shares of treasury stockJune 1Issued a 3-for-1 stock splitOctober 1Reissued 62,000 shares of treasury stock

(a)

Correct answer iconYour answer is correct.

Determine the weighted-average number of shares outstanding as of December 31, 2021.

The weighted-average number of shares outstanding

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

eTextbook and Media

Attempts: 1 of 3 used

(b)

Assume that Sheffield Corp. earned net income of $3,346,000 during 2021. In addition, it had 103,000 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 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$enter earnings per share rounded to 2 decimal places