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.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 20EA: Longmont Corporation earned net income of $90,000 this year. The company began the year with 600...
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd0cb34f4-a195-4123-b658-e94dbfc568c2%2F8662aace-7df6-46f9-9a58-cd3c0cb5e74f%2Fhjx7jp_processed.png&w=3840&q=75)
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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