Question: At December 3 1 , 2 0 1 9 , Skye Inc. had 5 0 0 , 0 0 0 common shares outstanding ( no

At December 31,2019, Skye Inc. had 500,000 common shares
outstanding (no preferred shares issued). On July 1,2020, an
additional 50,000 common shares were issued. Skye also had
unexercised call options to purchase 40,000 common shares at $15
per share outstanding throughout 2020. The average market price of
Skye's common shares was $20 during 2020.The number of shares that should be used in calculating diluted
earnings per share for 2020 is:560,000.525,000.535,000.565,000.

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