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Problem 13-10A Retirement of shares, retained earnings analysis LO1, 2, 5 The equity section from the December 31, 2020 and 2021, balance sheets of
Problem 13-10A Retirement of shares, retained earnings analysis LO1, 2, 5 The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: Contributed capital: Common shares, 50,000 shares authorized; 24,600 and 22,900 shares issued and outstanding, respectively Retained earnings 2021 2020 $541,200 $450,000 569,000 457,000 The following transactions occurred during 2021 (assume the retirements were the first ever recorded by Westbure): Jan. 5A $1.50 per share cash dividend was declared, and the date of record was five days later. Mar. 20 2,400 common shares were repurchased and retired at $20.00 per share. Apr. 5A $1.50 per share cash dividend was declared, and the date of record was five days later. July 5A $1.50 per share cash dividend was declared, and the date of record was five days later. July 31 A 20% share dividend was declared when the market value was $32.00 per share. Aug. 14 The share dividend was issued. Oct. 5 A $1.50 per share cash dividend was declared, and the date of record was five days later. Required: 1. How many shares were outstanding on each of the cash dividend dates? Jan. 5 Apr. 6 July 5 Oct. 5 Outstanding shares
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