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On January 1,2023 , Sandhill Limited had shares outstanding as follows: 7% cumulative preferred shares, $100 par value, 10,500 shares issued and outstanding $1,050,000 Common

image text in transcribed On January 1,2023 , Sandhill Limited had shares outstanding as follows: 7% cumulative preferred shares, $100 par value, 10,500 shares issued and outstanding $1,050,000 Common shares, 203,000 shares issued and outstanding 2,030,000 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 315,000 common shares. The acquisitions were as follows: On May 14, 2023, Sandhill realized a $98,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2003. On December 31, 2023, the company recorded income of $662,000 before tax, not including the discontinued operation gain. Sandhill has a 30% tax rate. (a) Calculate the weighted average number of common shares at December 31, 2023. Weighted average number of shares outstanding Attempts: 1 of 2 used Using multiple attempts will impact your score. 25% score reduction after attempt 1 (b) Calculate net income for the year ended December 31, 2023

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