Question Content AreaWeighted Average SharesAt the beginning of 2019, Hardin Company had 370,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:March1 Issued 40,000 shares of stock at $20 per share.June1 Issued a 20% stock dividend.July1 Issued 8,000 shares of stock at $25 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 84,000 shares as treasury stock at a cost of $28 per share.Nov.30 Reissued 50,000 treasury shares at a price of $31 per share.This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet 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 the nearest whole number. fill in the blank 2 shares2. Determine the number of common shares outstanding at December 31, 2019. fill in the blank 3 shares

The question is based on the concept of weighted average ordinary shares

Answered: At the beginning of 2019, Hardin…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question Content Area

Weighted Average Shares

At the beginning of 2019, Hardin Company had 370,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:

March	1	Issued 40,000 shares of stock at $20 per share.
June	1	Issued a 20% stock dividend.
July	1	Issued 8,000 shares of stock at $25 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 84,000 shares as treasury stock at a cost of $28 per share.
Nov.	30	Reissued 50,000 treasury shares at a price of $31 per share.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

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 the nearest whole number.
fill in the blank 2 shares

2. Determine the number of common shares outstanding at December 31, 2019.
fill in the blank 3 shares

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