QUESTION 1

INFORMATION TAKEN FROM AUSTIN CURLING SUPPLIES INC JAN 31 2019 BALANCE SHEET

COMMON SHARES 6000000 SHARES AUTHORISED

4000000 SHARES ISSUED AND OUTSTANDING $1000000

RETAINED EARNINGS 1312000

ON FEBRUARY 1,2019 THE COMPANY REPURCHASED 21600 COMMON SHARES (THE FIRST RETIREMENT THE COMPANY HAS RECORDED )

REQUIRED

PREPARE JOURNAL ENTRIES TO RECORD THE REPURCHASE AND RETIREMENT UNDER EACH OF THE FOLLOWING INDEPENMDENT ASSUMPTIONS

THE SHARES WERE REPURCHASED FOR

A) $0.20 PER SHARE

B) $0.25 PER SHARE

C) $0.30 PER SHARE

QUESTION 2

PENTER HORTICULTIURE PRODUCTS.IN REPORTED $889800 PROFIT IN 2017 ON DECEMBER 24 2018 PENTER INC DECLARED A DIVIDEND ON THE 25000 $6 CUMULATIVE PREFFERED SHARES OUTSTANDING THE FOLLOWING CHANGES IN COMMON SHARES OUTSTANDING OCCURED DURING THE YEAR

JANUARY 1 500,000 COMMON SHARES WERE OUTSTANDING

MARCH 1 ISSUED 15000 COMMON SHARES

AUGUST 1 DECLARED AND ISSUED A 10% COMMON SHARE DIVIDEND

OCTOBER 1 PURCHASED AND RETIRED 40000 COMMON SHARES

CALCULATE THE WIEGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING DURING THE YEAR USING THE FOLLOWING TABLE THEN CALCULATE Earning PER SHARE ROUND CALCULATION TO TWO DECIMAL PLACES

TIME PERIOD OUTSTANDING SHARES EFFECT OF SHARE DIVIDEND FRACTION OF YEAR WEIGHTED AVERAGE

EPS CALCULATION :