Blue Riding Stables Corp. has been in business for over 20 years. Its capital structure as at January 1, 2021, consisted of 25,000 ordinary shares and $200,000, 4%, non-cumulative preferred shares. Subsequent transactions affecting its shareholdings follow: 

2021 

■ March 1: Blue issued $100,000 of cumulative 3% preferred shares. 

■ October 1: Blue purchased and cancelled 10,000 ordinary shares. 

■ December 15: $50,000 dividends were declared, payable on January 2, 2022. 

■ Blue’s net income for the year ended December 31, 2021, was $200,000. 

2022 

■ March 1: Blue issued 20,000 ordinary shares. 

■ June 1: Blue repurchased 10,000 shares and held them as treasury shares. 

■ September 1: Blue reissued (sold) 5,000 of the shares held in treasury. 

■ October 1: Blue declared and issued a three-for-one stock split on the ordinary shares. 

■ Blue did not declare dividends in 2022. 

■ Blue’s net income for the year ended December 31, 2022, was $500,000. 

Required: 

a. What was Blue’s weighted average number of ordinary shares outstanding in 2021? 

b. What was Blue’s weighted average number of ordinary shares outstanding in 2022? 

c. What was Blue’s basic EPS in 2021? 

d. What was Blue’s basic EPS in 2022? 

e. What was Blue’s basic EPS in 2021 as reported in Blue’s 2022 comparative financial statements?