Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The shareholders equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $7 cumulative preferred shares (21,000
The shareholders equity accounts of Crane Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows:
$7 cumulative preferred shares (21,000 issued) | $1,680,000 | |
Common shares (500,000 issued) | 5,000,000 | |
Retained earnings | 1,600,000 | |
Total shareholders equity | $8,280,000 |
During the year, the following transactions occurred:
2020 | ||||
June | 1 | Reacquired 12,000 common shares for $11 per share. | ||
July | 1 | Issued 49,000 common shares for $12 per share. | ||
Sept. | 30 | Reacquired 10,000 common shares for $11.50 per share. | ||
2021 | ||||
Jan. | 31 | Issued 54,000 common shares in exchange for land. The lands fair value was $648,000. | ||
Mar. | 31 | Profit for the year ended March 31, 2021, was $941,000. |
Calculate the weighted average number of common shares for the year.
Weighted average number of common shares | ? |
Assuming the preferred share dividends are one year in arrears, calculate the earnings per share if no preferred dividends are declared during the year. (Round answer to 2 decimal places, e.g. 52.75.)
Earnings per share | $? |
What is the total number of common shares issued on March 31, 2021?
Number of common shares issued | ? |
Please answer ASAP!!!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started