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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Transcribed Image Text: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.
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