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Exercise 16-16 (Part Level Submission) On January 1, 2018, Sunland Corp. had 461,000 shares of common...

Exercise 16-16 (Part Level Submission)

On January 1, 2018, Sunland Corp. had 461,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1 Issued 124,000 shares
March 1 Issued a 10% stock dividend
May 1 Acquired 104,000 shares of treasury stock
June 1 Issued a 3-for-1 stock split
October 1 Reissued 61,000 shares of treasury stock

(A) Assume that Sunland Corp. earned net income of $3,325,000 during 2018. In addition, it had 102,000 shares of 10%, $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 2018. Compute earnings per share for 2018, using the weighted-average number of shares = 1,703,650

(B) Assume the same facts as in part (A), except that the preferred stock was cumulative. Compute earnings per share for 2018.
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