Question - Shoemaker Company had 1,000 common shares issued and outstanding at January 1. During the year, Shoemaker also had the common stock transactions listed below.
April 1 Issued 300 previously unissued shares
May 1 Split the stock 2-for-1
June 30 Purchased 100 shares for the treasury
July 30 Distributed a 20 percent stock dividend
December 31 Split the stock 3-for-1
Given this information, what is the weighted-average number of shares that Shoemaker should use for earnings per share purposes?
A) 2,880
B) 8,460
C) 8,820
D) 9,720