Number 2. Use the information provided to calculate the weighted average of stocks.shares outstanding for 2020 diluted earnings per share purposes.24,000 common shares outstanding on January 1, 2020.10,000 convertible preferred shares outstanding on January 1, 2020. Each sharepreferred can be converted into 12 common shares.12,000 common shares issued on March 1, 2020..5,000 preferred shares were converted to common shares on May 31, 2020.18,000 common shares were issued on September 1, 2020.-A 1: 2 reverse split was held on November 15, 2020.. 6,000 portfolio shares were purchased on December 1, 2020.51,000 shares outstanding as of December 31, 2020.

Date Particulars No. of shares Cumulative number of shares Number of days shares were outstanding…

Answered: Number 2. Use the information provided…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Northwest Utility Company faces increasing needs for capital. Fortunately, it has an Aa3 credit rating. The corporate tax rate is 35 percent. Northwest's treasurer is trying to determine the corporation's current weighted average cost of capital in order to assess the profitability of capital budgeting projects. Historically, the corporation's earnings and dividends per share have increased about 6.2 percent annually and this should continue in the future. Northwest's common stock is selling at $60 per share, and the company will pay a $4.50 per share dividend (D₁). The company's $100 preferred stock has been yielding 8 percent in the current market. Flotation costs for the company have been estimated by its investment banker to be $2.00 for preferred stock. The company's optimum capital structure is 50 percent debt, 10 percent preferred stock, and 40 percent common equity in the form of retained earnings. Refer to the following table on bond issues for comparative yields on bonds of…
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Number 2. Use the information provided to calculate the weighted average of stocks. shares outstanding for 2020 diluted earnings per share purposes.