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On January 1, 2023, Pharoah Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,700 shares issued and outstanding $1,070,000 Common
On January 1, 2023, Pharoah Limited had shares outstanding as follows: 5% cumulative preferred shares, $100 par value, 10,700 shares issued and outstanding $1,070,000 Common shares, 207,000 shares issued and outstanding 2,070,000 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 333,000 common shares. The acquisitions were as follows: On May 14, 2023, Pharoah realized a $96,000 gain (before tax) on a discontinued operation from a business egment that had originally been purchased in 2003. On December 31, 2023, the company recorded income of $659,000 before tax, not including the discontinued peration gain. Pharoah has a 40% tax rate. a) Calculate the weighted average number of common shares at December 31, 2023
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