At the beginning of 2019, Hardin Company had 200,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $21 per share. June 1 Issued a 15% stock dividend. July 1 Issued 15,000 shares of stock at $26 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 81,000 shares as treasury stock at a cost of $29 per share. Nov. 30 Reissued 43,000 treasury shares at a price of $32 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number
At the beginning of 2019, Hardin Company had 200,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 48,000 shares of stock at $21 per share. June 1 Issued a 15% stock dividend. July 1 Issued 15,000 shares of stock at $26 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 81,000 shares as treasury stock at a cost of $29 per share. Nov. 30 Reissued 43,000 treasury shares at a price of $32 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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I need the weighted average shares, and also want to know why I multiply the shares by 115%.
Weighted Average Shares
At the beginning of 2019, Hardin Company had 200,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:
| March | 1 | Issued 48,000 shares of stock at $21 per share. |
| June | 1 | Issued a 15% stock dividend. |
| July | 1 | Issued 15,000 shares of stock at $26 per share. |
| Aug. | 31 | Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. |
| Oct. | 31 | Reacquired 81,000 shares as |
| Nov. | 30 | Reissued 43,000 treasury shares at a price of $32 per share. |
Required:
1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number.
I can not figure this number out. I thought it was 557,049.97 and rounded that would be 557,050 ?
2. Determine the number of common shares outstanding at December 31, 2019.
562400 This number is correct
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