Altoona Company began the year with 300, 000 shares of $4 par common stock. On May 1, they issued 150, 000 shares. On July 1, they issued 25, 000 shares. On September 1, Altoona experienced a 4 for 1 stock split, and on October 1, they repurchased 25,000 shares and placed them in the treasury. Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations. Please show all work.
Altoona Company began the year with 300, 000 shares of $4 par common stock. On May 1, they issued 150, 000 shares. On July 1, they issued 25, 000 shares. On September 1, Altoona experienced a 4 for 1 stock split, and on October 1, they repurchased 25,000 shares and placed them in the treasury. Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations. Please show all work.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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