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Testbank Problem 147 1. Net Income [including a discontinued operations gain (net of tax) of $42,000] $195,500 Review Score 2. Capital Structure Review Results by Study a. Cumulative 5% preferred stock, $100 par, 5,500 shares issued and outstanding $550,000 Objective b. $10 par common stock, 74,000 shares outstanding on January 1. On April 1, 40,000 shares were issued for cash. On October 1, 16,000 shares were $1,000,000 purchased and retired. C. On January 2 of the current year, Cullumber purchased Oslo Corporation. One of the terms of the purchase was that if Oslo net income for the was $2,600,000. following year is $243,000 or more, 40,000 additional shares would be issued to Oslo stockholders next year. Oslo's net income for the current year 3. Other Information a. Average market price per share of common stock during entire year $30 b. Income tax rate 30% Compute weighted average shares outstanding. Weighted average shares outstanding Compute earnings per share for the current year. (Round answers to 2 decimal places, e.g. 52.75.) Basic earnings per share $ Diluted earnings per share $