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Sunland Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Sunland's fiscal year ends
Sunland Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Sunland's fiscal year ends May The following information is available.Income from operations before income tax for Sunland was $ and $ respectively, for the fiscal years ended May and Sunland experienced a loss from discontinued operations of $ from a business segment disposed of on March A combined income tax rate applies to all of Sunland's profits, gains, and losses.Sunland's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options.Sunland issued shares of $ par value, cumulative preferred shares in All of these shares are outstanding, and no preferred dividends are in arrears.There were shares of $ par ordinary shares outstanding on June On September Sunland sold an additional ordinary shares at $ per share. Sunland distributed a share dividend on the ordinary shares outstanding on December These were the only ordinary share transactions during the past two fiscal years.Requirement:Determine the weighted average number of ordinary shares that would be used in calculating earnings per share on the comparative income statement for the year ended May and
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