Assume that the following data relative to Cullumber Company for 2021 is available: Net Income         $2,820,000                 Transactions in Common Shares   Change     Cumulative   Jan. 1, 2021, Beginning number         740,000   Mar. 1, 2021, Purchase of treasury shares   (60,000)     680,000   June 1, 2021, Stock split 2-1   680,000      1,360,000   Nov. 1, 2021, Issuance of shares   234,000      1,594,000                 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 (a1)     Compute weighted average shares outstanding for 2021. Weighted average shares outstanding

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Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.