Intermidiate Accounting II

20) Using the following data, calculate weighted average common shares outstanding for Year 7. (spoint As of Jan 1, Year 7, there were 15,000 shares of its 510-par common stock outstanding On March 1, issued 2,000 shares of its $SO-par preferred stock On April 1, issued 10,000 additional shares of its $10-par common stock. On May 1, paid a $100,000 cash dividend on all its shares of stock. On July 1, repurchased 5,000 shares of its $10-par common stock. On August 1, declared a 10% stock dividend on all shares of its $10 par common stock On October 1, reissued 1,000 of previously repurchased shares. On December 31, reported net income of $700,000 Weighted average common shares outstanding (You may use the grid to figure the numbers.)