On January 1, 2022, Chang Ltd. had 480,000 ordinary shares outstanding. During 2022, it had the following transactions that affected the ordinary share account.

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

Instructions

a. Determine the weighted-average ordinary shares outstanding for 2022.

b. Assume that Chang Ltd. earned net income of ¥3,256,000,000 during 2022. 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 2022. Compute earnings per share for 2022, using the weighted-average ordinary 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 2022.

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 2022.