Question 16 (5 points) Listen On December 31, 2020, Berc Co. had 198,000 shares of common stock and 5,000 shares of 8%, $100 par value preferred stock issued and outstanding. Berc purchased 30,000 shares of its common stock as treasury stock on May 1, 2021, and 8,000 treasury shares were sold on October 1, 2021. Net income for 2021 was $166,000. Berc's basic earnings per share for 2021 was: $0.70 $0.86 $0.78 Question 17 (8 points) Listen South Co. leased equipment from Nation Co. on January 1, 2021. Nation manufactured the equipment at a cost of $170,000. The lease term is two years with eight quarterly payments of $30,000 at the beginning of each quarter. The equipment's economic life is two years and its fair value is $224,160. The implica MacBook Air 80 F4 F3 &