Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Intermediate II Corporation provided the following information for 2021: January 1 Common Stock-$4 Par, 600,000 shares authorized; 200,000 shares issued and outstanding January 1 3,000
Intermediate II Corporation provided the following information for 2021: January 1 Common Stock-$4 Par, 600,000 shares authorized; 200,000 shares issued and outstanding January 1 3,000 shares of 9%, $100 par cumulative, convertible preferred stock outstanding February 1 Issued 120,000 shares of common stock for $55,000 July 1 Issued a 2 for 1 stock split October 1 Acquired 70,000 shares of treasury stock for $3 per share December 1 Reissued 27,000 shares of treasury stock for $105,000 Assume Intermediate II Company earned net income of $1,280,000 during 2021. No dividends were declared. Preferred shares can convert into 25,000 common stock shares. There were no conversions in 2021. Points: Points: Points: Points: 9 8 8 S (a) Determine the weighted average number of shares outstanding as of December 31, 2021 (a) Calcuate Basic EPS (c) Calculated Diluted EPS (d) What is the value (amount) in the Common Stock account at December 31, 2021
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started