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Testbank Problem 146 Assume that the following data relative to Blossom Company for 2021 is available: Net Income $2,800,000 Transactions in Common Shares Jan. 1, 2021, Beginning number Mar. 1, 2021, Purchase of treasury shares June 1, 2021, Stock split 2-1 Nov. 1, 2021, Issuance of shares Change Cumulative 720,000 (53,400) 666,600 656,600 1,333,200 228,000 1,561,200 6% Cumulative Convertible Preferred Stock Sold at par, convertible into 180,000 shares of common (adjusted for split). $900,000 Stock Options Exercisable at the option price of $25 per share. Average market price in 2021, $30 (market price and option price adjusted for split). 93,000 shares x Your answer is incorrect. Try again. Compute weighted average shares outstanding for 2021. Weighted average shares outstanding T 1380100 Weighted average shares outstanding 1380100 Your answer is correct. Compute the basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.) Basic earnings per share 1.99 Your answer is correct. Compute the diluted earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.) Diluted earnings per share 1.78 Click if you would like to Show Work for this question: Open Show Work

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