Question 2--/3 View Policies Current Attempt in Progress 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).