LTS Corporation's has authorized to issue 700,000 ordinary shares and 400,000 shares issued and outstanding at Dec 31 2019. The following events occurred on 2020. Jan 1 - Board of Directors declared 10% shared dividend Feb 15 - Record date for the 10% share dividend Mar 15 - payment date for the 10% share dividend Mar 30 - purchased 100,000 shares Apr 1- reissued 50,000 shares May 15 - Declared 2 for 1 share split Jun 30 - record date for the share split up Oct 31 - payment date for the share split up how many issued and outstanding shares did the corporation have at Dec 31, 2020?

LTS Corporation's has authorized to issue 700,000 ordinary shares and 400,000 shares issued and outstanding at Dec 31 2019. The following events occurred on 2020. Jan 1 - Board of Directors declared 10% shared dividend Feb 15 - Record date for the 10% share dividend Mar 15 - payment date for the 10% share dividend Mar 30 - purchased 100,000 shares Apr 1- reissued 50,000 shares May 15 - Declared 2 for 1 share split Jun 30 - record date for the share split up Oct 31 - payment date for the share split up how many issued and outstanding shares did the corporation have at Dec 31, 2020?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 4MCQ

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Winona Company began 2019 with 10,000 shares of 10 par common stock and 2,000 shares of 9.4%, 100 par, convertible preferred stock outstanding. On April 2 and June 1, respectively, the company issued 2,000 and 6,000 additional shares of common stock. On November 16, Winona declared a 2-for-1 stock split. The preferred stock was issued in 2018. Each share of preferred stock is currently convertible into 4 shares of common stock. To date, no preferred stock has been converted. Current dividends have been paid on both preferred and common stock. Net income after taxes for 2019 totaled 109,800. The company is subject to a 30% income tax rate. The common stock sold at an average market price of 24 per share during 2019. Required: 1. Prepare supporting calculations for Winona and compute its: a. basic earnings per share b. diluted earnings per share 2. Show how Winona would report the earnings per share on its 2019 income statement. Include an accompanying note to the financial statements. 3. Next Level Assume Winona uses IFRS. Discuss what Winona would do differently for computing earnings per share, and then repeat Requirement 1 under IFRS.
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