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Waterway Inc. uses a calendar year for financial reporting. The company is authorized to issue
8,210,000 shares of $12 par common stock. At no time has Waterway issued any potentially
dilutive securities. Listed below is a summary of Waterway's common stock activities. (a) Your
answer is incorrect. Compute the weighted-average number of common shares used in
computing earnings per common share for 2019 on the 2020 comparative income statement.

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