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In: Accounting

1.) On January 1, 2019, Fap Company had 390,000 shares of its $1 par value common...

1.) On January 1, 2019, Fap Company had 390,000 shares of its $1 par value common stock outstanding. On March 1, Fap sold an additional 748,000 shares on the open market at $10 per share. Fap issued a 20% stock dividend on May 1. On August 1, Fap purchased 414,000 shares and immediately retired the stock. On November 1, 595,000 shares were sold for $15 per share. What is the weighted-average number of shares outstanding for 2019?

(Rounded to the nearest dollar.)

2.) On July 1, 2019, Montana Company purchased $3,820,000 of Idaho Company’s 8% bonds, due on July 1, 2026. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,300,000 to yield 10%. Determine the amount of interest revenue Montana should report on its income statement for the year ended December 31, 2019.

(Round to nearest whole dollar)

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ekkarill92 answered 11 months ago
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