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 8 months ago

At the beginning of 2014, Hardin Company had 220,000 shares of $10 par common stock outstanding....

At the beginning of 2014, Hardin Company had 220,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 43,000 shares of stock at $20 per share. June 1 Issued a 10% stock dividend. July 1 Issued 16,000 shares of stock at $25 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...

On January 1, Hamblin Corporation had 120,000 shares of $10 par value common stock outstanding. On...

On January 1, Hamblin Corporation had 120,000 shares of $10 par value common stock outstanding. On March 17 the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $13 per share on March 17. The entry to record the transaction of March 17 would include a Group of answer choices debit to Common Stock Dividends Distributable for $120,000. credit to Stock Dividends for $36,000. credit to Cash for $156,000. credit...

On January 1, 2017 Headland Industries had stock outstanding 9700 shares $970000 Common stock $10 par...

On January 1, 2017 Headland Industries had stock outstanding 9700 shares $970000 Common stock $10 par value, issued and outstanding 200000 shares 2000000 To acquire the net assets of three smaller companies, Headland authorized the issuance of an additional 157200 common shares. The aquisitions took place as shown below. Date of Aquisition. Shares Issued Company A April 1, 2017. 48000 Company B July 1, 2017. 78000 Company C October 1 2017. 31200 On May 14, 2017 Headland realized a $92400...

A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the...

A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: a. Purchased 1,000 shares of treasury stock at $12. The treasury stock is accounted for by the cost method. There were no previous purchases of treasury shares. If an amount box does not require an entry, leave it blank. b. Sold 500 shares of treasury stock at $15. If an amount box does not require an entry, leave it blank. c. Purchased equipment...

Throughout 2019, H had 15,000,000 shares of common stock issued and outstanding and 100,000 shares of...

Throughout 2019, H had 15,000,000 shares of common stock issued and outstanding and 100,000 shares of 5%, $100 par value cumulative preferred stock issued and outstanding. H's net income for 2019 was $7,700,000. During 2019 H neither declared nor paid any kind of dividend. H's income tax rate is 25%. During the entire year ending 12-31-19, H had 750,000 outstanding and exercisable employee stock options that were granted to employees during 2016. Each option has an exercise price of $40...

On January 1, Year 2, Zook Company had 26,000 shares of $1 par common stock outstanding....

On January 1, Year 2, Zook Company had 26,000 shares of $1 par common stock outstanding. During October, Year 2, the company’s board of directors declared and distributed a 1% common stock dividend when the market value of its common stock was $56 per share. In recording this transaction, what amount will be debited to Retained earnings in the journal entry to record the stock dividend?

Dunbar Company had 1,000,000 shares of $1 par value common stock outstanding at January 1, 2015....

Dunbar Company had 1,000,000 shares of $1 par value common stock outstanding at January 1, 2015. On July 1, 2015, the company issued 100,000 additional shares of common stock. In addition, at December 31, 2015, 90,000 shares were issuable upon exercise of executive stock options which require a $40 cash payment upon exercise. The average market price during 2015 was $50. Dunbar Company also has two convertible securities. There are 10,000 convertible bonds with a face amount of $1,000,...

On January 1, Novak Corp. had 99,000 shares of no-par common stock issued and outstanding. The...

On January 1, Novak Corp. had 99,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. Apr. 1 Issued 25,500 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 3,000 additional shares of common stock for $19 per...

On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par...

On January 1, 2016, Alpha Corporation had 300,000 shares of common stock outstanding with a par value of $3 per share. On March 31, Alpha Corporation declared a 10% stock dividend when the market value was $8 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."

On January 1 Windsor, Inc. had 74,000 shares of no-par common stock issued and outstanding. The...

On January 1 Windsor, Inc. had 74,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following transactions occurred: Apr. 1 Issued 11,000 additional shares of common stock for $10 per share. June 15 Declared a cash dividend of $1.00 per share to stockholders of record on June 30. July 10 Paid the $1.00 cash dividend. Dec. 1 Issued 6,000 additional shares of common stock for $14...

Question