The shareholders'equity accounts of Cullumber Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $8 cumulative preferred shares (17,000 issued) $1,190,000 Common shares (480,000 issued) 4,800,000 Retained earnings 1,400,000 Total shareholders' equity $7,390,000 During the year, the following transactions occurred: 2020 June 1 Reacquired 12,000 common shares for $11 per share. July 1 Issued 46,000 common shares for $12 per share. Sept. 30 Reacquired 10,000 common shares for $11.50 per share. 2021 Jan. 31 Issued 60,000 common shares in exchange for land. The land's fair value was $720,000. Mar. 31 Profit for the year ended March 31, 2021, was $923,000. (a) Calculate the weighted average number of common shares for the year. Weighted average number of common shares
The shareholders'equity accounts of Cullumber Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $8 cumulative preferred shares (17,000 issued) $1,190,000 Common shares (480,000 issued) 4,800,000 Retained earnings 1,400,000 Total shareholders' equity $7,390,000 During the year, the following transactions occurred: 2020 June 1 Reacquired 12,000 common shares for $11 per share. July 1 Issued 46,000 common shares for $12 per share. Sept. 30 Reacquired 10,000 common shares for $11.50 per share. 2021 Jan. 31 Issued 60,000 common shares in exchange for land. The land's fair value was $720,000. Mar. 31 Profit for the year ended March 31, 2021, was $923,000. (a) Calculate the weighted average number of common shares for the year. Weighted average number of common shares
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 27CE: Calculating the Number of Shares Issued Castalia Inc. issued shares of its $0.80 par value common...
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