On January 1, 2015, Chang Corp. had 480,000 ordinary shares outstanding. During 2015, it had the following transactions that affected the ordinary share account.

Instructions

(a) Determine the weighted-average number of shares outstanding as of December 31, 2015.

(b) Assume that Chang Corp. earned net income of ¥3,256,000,000 during 2015. In addition, it had 100,000 shares of 9%, ¥100 par, non-convertible, non-cumulative preference shares outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preference dividend in 2015. Compute earnings per share for 2015, using the weighted-average number of shares determined in part (a).

(c) Assume the same facts as in part (b), except that the preference shares were cumulative. Compute earnings per share for 2015.

(d) Assume the same facts as in part (b), except that net income included a loss from discontinued operations of ¥432,000,000. The loss from discontinued operations is net of applicable income taxes. Compute earnings per share for 2015.

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February 1 March 1 May 1 June 1 October 1 Issued 120,000 shares Issued a 20% share dividend Acquired 100,000 treasury shares Issued a 3-for-1 share split Reissued 60,000 treasury shares