On December 31, 2019, Cullumber Corporation had 141,000 common shares outstanding. On April 30, 2020, the company issued an additional 45,000 common shares for cash. On July 31, 2020, the company repurchased and cancelled 21,000 common shares. During the year ended December 31, 2020, 

Cullumber earned income before taxes of $40,000,000. Not included in this income was a loss from discontinued operations of $5,000,000 before tax. The company was subject to a 25% income tax rate. 

Calculate earnings per share data as they should appear on the 2020 income statement of Cullumber Corporation.

Answer rating: 100% (QA)

Weighted average number of shares 140400 x 412 191400 x 312 170400 x 512 1... View the full answer