$*$Fix Blue AREA on EXCEL Form $*$

Nichols Inc. has the following transactions impacting its equity accounts during $2023.$ The number of shares of $$1$ par value common stock authorized is

$20,000,000$ and the number of shares outstanding as of January $1,2023$ is $10,000,000.$ The company also has $20,000$ shares of $6\%$ preferred stock with $$100$ par value

authorized and outstanding at the beginning of the year. The preferred stock may be converted into $10$ shares of common stock and was originally issued for $$110$ per

share.

January $1-$ Issued $5,000$ for consulting services. The market price of the common stock is $$8$ per share.

June $1-$ Repurchases $10,000$ shares of stock at $$7$ per share.

September $1-$ Resold $5,000$ shares of treasury stock at $$10$ per share

October $1-$ All of the preferred stock converted into common stock.

November $1-$ Declares & pays $10\%$ stock dividend. Market price of stock is $$12.$

Jan $1-$ Nichols issues $5,000$ shares of common stock for $$8$ per share.

June $1-$ Repurchases $10,000$ shares of common stock for $$7$ per share.

Cash $ $70,000$

Sept $1-$ Sold $5,000$ shares of treasury stock for $$10$ per share.

October $1-$ Nichols issues a $50\%$ stock dividend. $($transfer at par$)$ Alternative:

Retained earnings $ $$29,840,000$

Retained earnings $ $$29,840,000$

$$29,840,000$

November $1-$Issued $20,000$ shares for land. The market price of the common stock is $$13$ per share.

Capital in excess of par $ $$240,000*$FIX BLUE AREAS IN EXCEL$*$ Nichols Inc. has the following transactions impacting its equity accounts during $2020.$ The number of shares of $$1$ par value common stock authorized is $100,000,000$ and the number of shares outstanding as of January $1,2020$ is $40,000,000.$ The company also has $10,000$ shares of $5\%$ preferred stock with $$100$ par value authorized and outstanding at the beginning of the year. The preferred stock may be converted into $10$ shares of common stock and was originally issued for $$110$ per share. Please record the following transactions: Jan $1$ Nichols issues $20,000,000$ shares of common stock for $$11$ per share. May $1$ Repurchases $400,000$ shares of common stock for $$10$ per share. June $1$ Sold $80,000$ shares of treasury stock for $$12$ per share. October $1$ Nichols issues a $50\%$ stock dividend $($issued and distributed same day$)$ December $1$ Issued $20,000$ shares for land. The market price of the common stock is $$13$ per share. Prepare the journal entries to record each of the transactions above. What is the weighted average shares outstanding for the year