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| Sands, Inc. uses a calendar year for financial reporting. The company is authorized to issue 5,000,000 shares of $10 par common stock. At no time has Sands issued any potentially dilutive securities. Listed below is a summary of Sands' common stock activities. Number of common shares issued and outstanding at Dec. 31, 2007: 1,000,000 Shares issued as a result of a 10% stock dividend on Sept. 30, 2008: 100,000 Shares issued for cash on March 31, 2009: 1,000,000 Number of common shares issued and outstanding at Dec. 31, 2009: 2,100,000 A two-for-one stock split of Sands' common stock took place on March 31, 2010. The weighted-average number of common shares used in computing earnings per common share for 2008 on the 2009 comparative income statement was: A. 1,050,000. B. 1,025,000. C. 1,100,000. D. 2,100,000. |