A portion of the combined statement of income and retained earnings of Crane Ltd. for the current year ended December 31, 2023. follows: Income before discontinued operations Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at beginning of year Dividends declared: On preferred shares, $6.00 per share On common shares, $1.1 per share Retained earnings at end of year 4 $540,000 2,310,000 $6,678,000 792,000 5,886,000 23,220,000 29.106,000 2,850,000 $26,256,000 Note 1. During the year, Crane suffered a loss from discontinued operations of $792,000 after the applicable income tax reduction of $198,000. At the end of 2023, Crane has outstanding 2.10 million common shares and 90,000 preferred shares. On April 1, 2023, Crane issued 1.20 million common shares for $6 per share to help finance the loss.
A portion of the combined statement of income and retained earnings of Crane Ltd. for the current year ended December 31, 2023. follows: Income before discontinued operations Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at beginning of year Dividends declared: On preferred shares, $6.00 per share On common shares, $1.1 per share Retained earnings at end of year 4 $540,000 2,310,000 $6,678,000 792,000 5,886,000 23,220,000 29.106,000 2,850,000 $26,256,000 Note 1. During the year, Crane suffered a loss from discontinued operations of $792,000 after the applicable income tax reduction of $198,000. At the end of 2023, Crane has outstanding 2.10 million common shares and 90,000 preferred shares. On April 1, 2023, Crane issued 1.20 million common shares for $6 per share to help finance the loss.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Determine the weighted average number of shares outstanding as at December 31, 2023.
Weighted average number of shares outstanding
3000000
Transcribed Image Text:A portion of the combined statement of income and retained earnings of Crane Ltd. for the current year ended December 31, 2023,
follows:
Income before discontinued operations
Loss from discontinued operations, net of applicable income tax (Note 1)
Net income
Retained earnings at beginning of year
Dividends declared:
On preferred shares, $6.00 per share
On common shares, $1.1 per share
year
Retained earnings at end of
4
$540,000
2,310,000
$6,678,000
792,000
5,886,000
23,220,000
29.106,000
2,850,000
$26,256,000
Note 1. During the year, Crane suffered a loss from discontinued operations of $792,000 after the applicable income tax reduction of
$198,000.
At the end of 2023, Crane has outstanding 2.10 million common shares and 90,000 preferred shares.
On April 1, 2023, Crane issued 1.20 million common shares for $6 per share to help finance the loss.
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