Select Corporation was incorporated on January 2, 2020 The following information pertains to Select Corporation 's 2020 common stock transactions Required a Determine the weighted average number of shares of Select Corporation 's common stock outstanding b Compute earnings per share for 2020 consid...

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Select Corporation was incorporated on January 2, 2020. The following information pertains to Select Corporation's 2020 common

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Select Corporation was incorporated on January 2, 2020. The following information pertains to Select Corporation's 2020 common stock transactions.

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Required

a. Determine the weighted-average number of shares of Select Corporation's common stock outstanding.

b. Compute earnings per share for 2020 considering the following additional information:
1. Net income: $\$ 330,000$
2. Preferred stock, $5 \%$, cumulative, 5,000 shares, $\$ 10$ par value per share 3. Preferred dividends declared in 2020 : $\$ 0$

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Intermediate Accounting Volume 2

ISBN: 9781618533135

2nd Edition

Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo

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Select Corporation was incorporated on January 2, 2020. The following information pertains to Select Corporation's 2020 common

Question:

Jan. 2 Number of shares authorized..... 250,000 Jan. 2 Number of shares issued... 85,000 Jul. 1 Sept. 1 Number of shares reacquired but not canceled 5,000 Two-for-one stock split Dec. 1 Reissued shares of treasury stock... 5,000

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Intermediate Accounting Volume 2

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