At the beginning of current yearhad 480,000 par value ordinary shares and 100,000, 10% P100 par value convertible cumulative preference shares outstanding. The preference shares are convertible into 100,000 ordinary shares. During the current year, the following transactions affected the ordinary shares: February 1issued 120, 000 shares March 1issued a 20% share dividend May 1acquired 100, 000 treasury shares June 1issued a 3-for-1 split October 1 reissued 60,000 treasury shares The net income was P35,000,000 and the entity did not declare dividend on preference shares What is the number of average actual ordinary shares outstanding?
At the beginning of current yearhad 480,000 par value ordinary shares and 100,000, 10% P100 par value convertible cumulative preference shares outstanding. The preference shares are convertible into 100,000 ordinary shares. During the current year, the following transactions affected the ordinary shares: February 1issued 120, 000 shares March 1issued a 20% share dividend May 1acquired 100, 000 treasury shares June 1issued a 3-for-1 split October 1 reissued 60,000 treasury shares The net income was P35,000,000 and the entity did not declare dividend on preference shares What is the number of average actual ordinary shares outstanding?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At the beginning of current yearhad 480,000 par value ordinary shares and 100,000, 10% P100 par value convertible cumulative
During the current year, the following transactions affected the ordinary shares:
February 1issued 120, 000 shares
March 1issued a 20% share dividend
May 1acquired 100, 000 treasury shares
June 1issued a 3-for-1 split
October 1 reissued 60,000 treasury shares
The net income was P35,000,000 and the entity did not declare dividend on preference shares What is the number of average actual ordinary shares outstanding?
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