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Compute the weighted-average number of common shares

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Question - Waterway Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,720,000 shares of $10 par common stock. At no time has Waterway issued any potentially dilutive securities. Listed below is a summary of Waterway's common stock activities.

1. Number of common shares issued and outstanding at December 31, 2018 1,910,000

2. Shares issued as a result of a 10% stock dividend on September 30, 2019 191,000

3. Shares issued for cash on March 31, 2020 1,830,000

Number of common shares issued and outstanding at December 31, 2020 3,931,000

4. A 2-for-1 stock split of Waterway's common stock took place on March 31, 2021.

Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.

Reference no: EM132428799

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