On January 1, 2021, Sweet Corp. had 469,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

February 1		Issued 115,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 101,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 62,000 shares of treasury stock

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

The weighted-average number of shares outstanding

(b) Assume that Sweet Corp. earned net income of $3,354,000 during 2021. In addition, it had 101,000 shares of 8%, $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).

(c) Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021.

(d) The parts of this question must be completed in order. This part will be available when you complete the part above.