On June 1, 2018, Nash Company and Crane Company merged to form Cheyenne Inc. A total of 761,000 shares were issued to co

[answerhappygod]

On June 1, 2018, Nash Company
and Crane Company merged to form Cheyenne Inc.
A total of 761,000 shares were issued to complete the
merger. The new corporation reports on a calendar-year basis.

On April 1, 2020, the company issued an
additional 652,000 shares of stock for cash.
All 1,413,000 shares were outstanding on December 31,
2020.

Cheyenne Inc. also issued $600,000 of 20-year, 7%
convertible bonds at par on July 1, 2020. Each $1,000 bond
converts to 40 shares of common at any interest date.
None of the bonds have been converted to date.

Cheyenne Inc. is preparing its annual report for the fiscal
year ending December 31, 2020. The annual report will show earnings
per share figures based upon a reported after-tax net income of
$1,390,000. (The tax rate is 20%.)

Determine the following for 2020.

(a) The number of shares to be used for
calculating: (Round answers to 0 decimal places,
e.g. $2,500.)
Basic earnings per share
enter a number of shares rounded to 0 decimal places
Diluted earnings per share
enter a number of shares rounded to 0 decimal places