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The shareholders equity accounts of Blossom Ltd. on April 1, 2023, the beginning of the fiscal year, are as follows: $7 cumulative preferred shares (20,000 issued) Common shares (510,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: $1,400,000 3,570,000 1.500,000 $6,470,000

The shareholders equity accounts of Blossom Ltd. on April 1, 2023, the beginning of the fiscal year, are as follows: $7 cumulative preferred shares (20,000 issued) Common shares (510,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: $1,400,000 3,570,000 1.500,000 $6,470,000

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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(a) The shareholders' equity accounts of Blossom Ltd. on April 1, 2023, the beginning of the fiscal year, are as follows: $7 cumulative preferred shares (20,000 issued) $1,400,000 3,570,000 Common shares (510,000 issued) Retained earnings 1.500,000 Total shareholders' equity $6,470,000 During the year, the following transactions occurred: 2023 June July Sept. 2024 Jan. Mar. 1 Reacquired 12,000 common shares for $8 per share. 1 Issued 47,000 common shares for $9 per share. 30 Reacquired 6,000 common shares for $8.50 per share. 31 Issued 54,000 common shares in exchange for land. The land's fair value was $486,000. 31 Profit for the year ended March 31. 2024, was $930,225, ✓ Your answer is correct. (b) Calculate the weighted average number of common shares for the year. Weighted average number of common shares eTextbook and Media x Your answer is incorrect. Earnings per share $ Assuming the preferred share dividends are one year in arrears, calculate the earnings per share if no preferred dividends are declared during the year. (Round answer to 2 decimal places, e.g. 2.75.) eTextbook and Media eTextbook 541250 1.72 Attempts: 1 of 3 used Assistance Used
Transcribed Image Text:(a) The shareholders' equity accounts of Blossom Ltd. on April 1, 2023, the beginning of the fiscal year, are as follows: $7 cumulative preferred shares (20,000 issued) $1,400,000 3,570,000 Common shares (510,000 issued) Retained earnings 1.500,000 Total shareholders' equity $6,470,000 During the year, the following transactions occurred: 2023 June July Sept. 2024 Jan. Mar. 1 Reacquired 12,000 common shares for $8 per share. 1 Issued 47,000 common shares for $9 per share. 30 Reacquired 6,000 common shares for $8.50 per share. 31 Issued 54,000 common shares in exchange for land. The land's fair value was $486,000. 31 Profit for the year ended March 31. 2024, was $930,225, ✓ Your answer is correct. (b) Calculate the weighted average number of common shares for the year. Weighted average number of common shares eTextbook and Media x Your answer is incorrect. Earnings per share $ Assuming the preferred share dividends are one year in arrears, calculate the earnings per share if no preferred dividends are declared during the year. (Round answer to 2 decimal places, e.g. 2.75.) eTextbook and Media eTextbook 541250 1.72 Attempts: 1 of 3 used Assistance Used
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