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Problem 16-6 Culver Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal year ended May 31 2017, was $1,791 000 and income from co tu u ng operat ons for the fiscal year ended May 31 2018, was s2.378,000 n both years the company in ured a 10% n rest expense on $2.345,000 cf debt, an obliga on that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of 594,000 on February 2018. The company uses a 40% effective tax rate for income taxes. The capital structure of Culver Corporation on June 1, 2016, consisted of 973,000 shares of common stock outstanding and 19,800 shares of $50 par value, 6%, cumulative preferred stock. There were no arrears, and the company had not issued any convertible securities, options, or warrants. On October 1 2016, Culver sold an additional 494,000 shares of the common stock at520 per share. Cu ver distributed a 20% stock din en on the common shares outstanding on January was able to sel an additional 805,000 shares of the common stack at $22 per share. These were the only common stock transactions that accurred during the two fiscal years. 20 0 ecember 1 an .oner Identify whether the capital structure at Culver Corporation is a simple or complex capital structure Determine the weighted-average number of shares that Culver Corporation would use in calculating eanings per share for the fiscal year ended: Weighted-average number of shares (1) May 31, 2017 (2) May 31, 2018 LINK TO TEXI Prepare, in good form, a comparative income staterment, beginning with income from operations, for Culver Corporation for the fiscal years ended May 31, 2017, and May 31, 2018. This statement will be induded in Culver's annual report and should display the appropnate earnings per share presentations. (Round earnings per share to 2 decimal places, e.g. $1.55.) CULVER CORPORATION Comparative I For Fiscal Years Ended May 31, 2017 and 2018 017 018 Earnings per share: LINK TO TEXT