Now that I need answer for a which is 5, 146,810 I need help with b. I want to know how can I find the amount for convertible preferred stock still outstanding in order to solve for b Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year endingDecember 31, 2021. Austin has compiled the information listed below.1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding.2. The per share market prices of the common stock on selected dates were as follows.Price per ShareJuly 1, 2020$20.00January 1, 202121.00April 1, 202125.00July 1, 202111.00August 1, 202110.50November 1, 20219.00December 31, 202110.003. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, andit has a cumulative dividend of $3 per share The stock is convertible intoclk nt th CALCULATOThe following specific activities took place during 2021.1. January 1-A 5% common stock dividend was issued. The dividend had been declared on December 1, 2020, to all stockholder.2. April 1-A total of 394,800 shares of the $3 convertible preferred stock was converted into common stock. The company issuedstock. This was the only conversion of the preferred stock during 2021.3. July 1-A 2-for-1 split of the common stock became effective on this date. The board of directors had authorized the split on Jun4. August 1-A total of 285,600 shares of common stock were issued to acquire a factory building.5. November 1-A total of 24,000 shares of common stock were purchased on the open market at $9.00 per share. These shares wethe treasury as of December 31, 2021.6. Common stock cash dividends-Cash dividends to common stockholders were declared and paid as follows,April 15-$0.30 per shareOctober 15-$0.20 per share7. Preferred stock cash dividends-Cash dividends to preferred stockholders were declared and paid as scheduled.(a) Determine the number of shares used to compute basic earnings per share for the year ended December 31, 2021. (Round answerNumber of shares to compute basic earnings per shareudy(b) Determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2021. (Round answerNumber of shares to compute diluted earnings per share(c) Compute the adjusted net income to be used as the numerator in the basic earnings per share calculation for the year ended December 31Adjusted net incomeClick if you would like to Show Work for this question:Open Show Workhere to search%23h2 +prt scfsde米144#32$4&bac36.786.TYDFGH.JK5LL

Convertible preferred stock is the kind of preferred stock, which provides the holder option to…

Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin has compiled the information listed below. 1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding. 2. The per share market prices of the common stock on selected dates were as follows. Price per Share July 1, 2020 $20.00 January 1, 2021 21.00 April 1, 2021 25.00 July 1, 2021 11.00 August 1, 2021 10.50 November 1, 2021 9.00 December 31, 2021 10.00 3. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, and it has a cumulative dividend of $3 per share The stock is convertible into clk nt th

Charles Austin of the controller's office of Coronado Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin has compiled the information listed below. 1. The company is authorized to issue 8,400,000 shares of $10 par value common stock. As of December 31, 2020, 2,100,000 shares had been issued and were outstanding. 2. The per share market prices of the common stock on selected dates were as follows. Price per Share July 1, 2020 $20.00 January 1, 2021 21.00 April 1, 2021 25.00 July 1, 2021 11.00 August 1, 2021 10.50 November 1, 2021 9.00 December 31, 2021 10.00 3. A total of 684,000 shares of an authorized 1,116,000 shares of convertible preferred stock had been issued on July 1, 2020. The stock was issued at its par value of $25.00, and it has a cumulative dividend of $3 per share The stock is convertible into clk nt th

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000
Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.