intermediate accounting IInot sure what i did wrong when calculating this. please show work and explain. thank you.my work (shown below)1,190,000 * 12/12 => 1,190,000 * 1.05 = 1,249,500125,000 * 8/12 => 83,333.3333 * 1.05 = 87,500132,000 * 7/12 => 77,0001,249,500 + 87,500 + 77,000 = 1,414,000 numerator/denominator=earnings per share995,000/1,414,000 0.70picture is provided below For the year ended December 31, 2024, Norstar Industries reported net income of $995,000. At January 1, 2024, thecompany had 1,190,000 common shares outstanding. The following changes in the number of shares occurred during2024:April 30 sold 125,000 shares in a public offeringMay 24 Declared and distributed a 5% stock dividendJune 1 Issued 132,000 shares as part of the consideration for the purchase of assets from a subsidiaryRequired:Compute Norstar's earnings per share for the year ended December 31, 2024.Note: Do not round Intermediate calculations. Except for per share amounts, enter your answers in thousands (I.e.,10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.Numerator995,000Answer is complete but not entirely correct.Earnings perShareDenominator1,414,000S0.70

Earnings per share=Net incomeWeighted average shares outstanding

For the year ended December 31, 2024, Norstar Industries reported net Income of $995,000. At January 1, 2024, th company had 1,190,000 common shares outstanding. The following changes in the number of shares occurred durin 2024: April 30 Sold 125,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 132,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Note: Do not round Intermediate calculations. Except for per share amounts, enter your answers in thousands (I. 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. $ Numerator 995,000 Answer is complete but not entirely correct. Denominator Earnings per Share 1,414,000 = $ 0.70

For the year ended December 31, 2024, Norstar Industries reported net Income of $995,000. At January 1, 2024, th company had 1,190,000 common shares outstanding. The following changes in the number of shares occurred durin 2024: April 30 Sold 125,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 132,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Note: Do not round Intermediate calculations. Except for per share amounts, enter your answers in thousands (I. 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. $ Numerator 995,000 Answer is complete but not entirely correct. Denominator Earnings per Share 1,414,000 = $ 0.70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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