MunabhaiDon't upload image please On January 1, 2023, Pharoah Limited had shares outstanding as follows:5% cumulative preferred shares, $100 par value, 10,700 shares issued and outstandingCommon shares, 207,000 shares issued and outstandingDate of AcquisitionCompany A: April 1, 2023Company B: July 1, 2023Company C: October 1, 2023To acquire the net assets of three smaller companies, the company authorized the issuance of an additional333,000 common shares. The acquisitions were as follows:Shares Issued199,000(a)113,00021,000$1,070,000On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a businesssegment that had originally been purchased in 2003.2,070,000On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinuedoperation gain. Pharoah has a 40% tax rate.Calculate the weighted average number of common shares at December 31, 2023.Weighted average number of shares outstanding

Earnings per share represent the value of earnings available for each share outstanding over the…

o acquire the net assets of three smaller companies, the company authorized the issuance of an additional 33,000 common shares. The acquisitions were as follows: Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 Shares Issued 199,000 113,000 21,000 On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business egment that had originally been purchased in 2003. a) On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinue peration gain. Pharoah has a 40% tax rate. Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding

o acquire the net assets of three smaller companies, the company authorized the issuance of an additional 33,000 common shares. The acquisitions were as follows: Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 Shares Issued 199,000 113,000 21,000 On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business egment that had originally been purchased in 2003. a) On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinue peration gain. Pharoah has a 40% tax rate. Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 25E

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