At the beginning of 2019, Hardin Company had 230,000 shares of $10 par common stock outstanding....

At the beginning of 2019, Hardin Company had 230,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:

March	1	Issued 46,000 shares of stock at $25 per share.
June	1	Issued a 20% stock dividend.
July	1	Issued 9,000 shares of stock at $30 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 97,000 shares as treasury stock at a cost of $33 per share.
Nov.	30	Reissued 49,000 treasury shares at a price of $36 per share.

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 nearest whole number.

Determine the number of common shares outstanding at December 31, 2019.

Expert Solution

Weighted average number of shares outstanding	406,350	shares
Number of common shares		632,400	shares


Date	Particulars	Number of common shares	Weight	Weighted average number of shares
Jan-01	Opening Balance	230,000	12/12	230,000
Mar-01	Issued shares	46,000	10/12	38,333
Jun-01	Stock dividend (276,000*20%)	55,200	7/12	32,200
Jul-01	Issued shares	9,000	6/12	4,500
Aug-31	Stock split 2 for 1	340,200	4/12	113,400
	(230,000 + 46,000 + 55,200 + 9,000)
Oct-31	Treasury stock purchased	(97,000)	2/12	(16,167)
Nov-30	Treasury stock re-issued	49,000	1/12	4,083
		632,400		406,350

ekkarill92 answered 1 year ago

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