Required:1. Compute the average ordinary shares outstanding2. Compute the basic loss per share

Problem 19-3 (IAA) Humor Company had the following ordinary share activity during the current year: Shares January 1 May 1 Outstanding 150,000 New shares issued 30,000 July 1 Treasury shares acquired 12,000 December 1 Treasury shares resold 6.000 The entity had 100,000 cumulative preference shares outstanding during the year. The preference share has par value of P50 and 12% dividend rate. The entity sustained a net loss of P2,690,000 for the current year. Required: 1. Compute the average ordinary shares outstanding. 2. Compute the basic loss per share