Question
For the year December 31,2018 Southstar Industries reported net income of $655,000. At January 1, 2018, the company had 900,000 common shares outstanding. The following
For the year December 31,2018 Southstar Industries reported net income of $655,000. At January 1, 2018, the company had 900,000 common shares outstanding. The following changes in the number of shares occured during 2018.
April 30, sold 60,000 shares in a public offering
May 24, declared and distributed a 5% stock dividend
June 1, issued 72,000 shares as part of the consideration for the purchase of assets from a subsidiary
October 1, purchased 36,000 shares of treasury stock
Compute Southstar's average number of shares outstanding for the year ended December 31, 2018
( the answer is not 1,029,000 number of shares)
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