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s, $100 par value, 10,500 shares issued and es issued and outstanding

s, $100 par value, 10,500 shares issued and es issued and outstanding

FINANCIAL ACCOUNTING
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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On January 1, 2023, Sandhill Limited had shares outstanding as follows: 7% cumulative preferred shares, $100 par value, 10,500 shares issued and outstanding Common shares, 203,000 shares issued and outstanding Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 315,000 common shares. The acquisitions were as follows: (a) Your answer is correct. (b) Shares Issued On May 14, 2023, Sandhill realized a $98,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2003. 172,000 On December 31, 2023, the company recorded income of $662,000 before tax, not including the discontinued operation gain. Sandhill has a 30% tax rate. eTextbook and Media 90,000 Calculate the weighted average number of common shares at December 31, 2023. 53,000 Weighted average number of shares outstanding Net income $ Calculate net income for the year ended December 31, 2023. $1,050,000 2,030,000 390,250
Transcribed Image Text:On January 1, 2023, Sandhill Limited had shares outstanding as follows: 7% cumulative preferred shares, $100 par value, 10,500 shares issued and outstanding Common shares, 203,000 shares issued and outstanding Date of Acquisition Company A: April 1, 2023 Company B: July 1, 2023 Company C: October 1, 2023 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 315,000 common shares. The acquisitions were as follows: (a) Your answer is correct. (b) Shares Issued On May 14, 2023, Sandhill realized a $98,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2003. 172,000 On December 31, 2023, the company recorded income of $662,000 before tax, not including the discontinued operation gain. Sandhill has a 30% tax rate. eTextbook and Media 90,000 Calculate the weighted average number of common shares at December 31, 2023. 53,000 Weighted average number of shares outstanding Net income $ Calculate net income for the year ended December 31, 2023. $1,050,000 2,030,000 390,250
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