Oriole Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended

May $31,2020,$ and May $31,2021.$ The income from operations for the fiscal year ended May $31,2020,$ was $$1,827,000$ and income

from operations for the fiscal year ended May $31,2021,$ was $$2,536,000.$ ln both years, the company incurred a $10\%$ interest expense

on $$2,376,000$ of debt, an obligation that requires interest $-$only payments for $ years. The company experienced a loss from

discontinued operations of $$585,000$ on February $2021.$ The company uses a $20\%$ effective tax rate for income taxes.

The capital structure of Oricle Corporation on June $1.2019,$ consisted of $1\mathrm{.}018,000$ shares of common stock outstanding

and $19,200$ shares of $$50$ par value, $7\%,$ cumulative preferred stock. There were no preferred dividends in arrears, and the compary

had not issued any convertible securities$,$ options, or warrants.

On October $1,2019.$ Oriole sold an additional $$07,000$ shares of the common stock at $$20$ per share. Oriole distributed a $20$$ stock

dividend on the common shares outstanding on January $1,2020.$ On December $1,2020.$ Oriole was able to sell an

additional $817,000$ shares of the commonstock at $$22$ per share. These were the only common stock transactions that occurred

during the fwo frscal years.

X Your answer is incorrect.

Determine the welghted$-$average number of shares that Oriole Corporation would use in cakculating earnings per share for the

fiscal year ended:

$(2)$ May $31,2021$

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Prepare, in good form, a comparative income statement, beginning with income from operations, for Oriole Corporation for the

fiscal years ended May $31,2020,$ and May $31,2021.$ This statement will be included in Oriole's annual report and should display

the appropriate earnings per share presentations. $($Round earnirgs per share to $2$ decimal places, e$.51\mathrm{.}55)$

ORIOLE CORPORATION

Comparative Income Statement

For Fiseal Years Ended May $31,2020$ and $2021$

Income From Operations

$

$2021$

Total Expenses

Income Before TaxssIncome Before Taxes

Earnings per share: