Calculate EPS (weighted average) based on below information.
Authorized: 25,000 shares, $10 par. Issued: 12,000 shares, all at par.
1/1/X1 – Nick Riley, 2,000 shares
Cash, $10,000
For licensing costs, $10,000
1/1/X1 – Ray Ballard, 1,000 shares
For licensing costs, $10,000
2/1/X1 – Jan Compton, Nick's sister, 2,000 shares
Cash, $20,000
4/1/X1 – Jim Ballard, Ray's father, 5,000 shares
Cash, $50,000
5/1/X1 – Mary Riley, Nick's sister, 2,000 shares
Cash, $20,000
The company had a net loss of -14,500.