[The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 160,000 120,000 320,000 $ 600,000 Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 restricted by treasury stock) $ 188,800 177,600 420,000 786,400 (40,000) $ 746,400 Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.40 per share cash dividend, date of record April 10. July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 October 5 Declared a $0.40 per share cash dividend, date of record October 10. Issued the stock dividend that was declared on July 31. Required: 1. How many common shares are outstanding on each cash dividend date? January 5 April 5 July 5 October 5 Outstanding common shares

>Common shares are issued and the holder of these (common stockholders) are basically the ‘owners’ of the corporation.

>Sometime, the company repurchases the issued shares from these stockholders.
>These repurchased shares are accounted for as Treasury Stock.
>also, these shares are not considered ‘outstanding’ for the purpose of dividend.
>Shares Outstanding = Shares issued – Treasury stock shares