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6. At January 1, 2021, Cloudy Corporation had the following share capital: S2 Preferred shares, noncumulative, 500,000 shares authorized, 1,000 shares issued $650,000 Common shares,
6. At January 1, 2021, Cloudy Corporation had the following share capital:
S2 Preferred shares, noncumulative,
500,000 shares authorized, 1,000 shares issued
$650,000
Common shares, 1,000,000 shares authorized,
10,000 shares issued 250,000
5900,000
On July 1, 2021, the board of directors declared and paid a 10% common stock dividend. On
October 1, 2021, the company sold an additional 20,000 common shares for proceeds of $280,000.
The corporation earned $150,000 during the year and declared $30,000 in dividends to preferred
shareholders.
For the purpose of calculating the earnings per share, the company's weighted
average number of common shares is_____?
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