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The shareholders equity accounts of Ivanhoe Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows: $ 6 cumulative preferred shares
The shareholders equity accounts of Ivanhoe Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows:
$6 cumulative preferred shares (19,000 issued)
$1,520,000
Common shares (450,000 issued)
4,500,000
Retained earnings
1,400,000
Total shareholders equity
$7,420,000
During the year, the following transactions occurred:
2020 June 1 Reacquired 12,000 common shares for $11 per share.
July 1 Issued 50,000 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 $944,000.
1. Calculate the weighted average number of common shares for the year. 2. Assuming the preferred share dividends are one year in arrears, calculate the earnings per share if no preferred dividends are declared during the year. 3. What is the total number of common shares issued on March 31, 2021?
The shareholders equity accounts of Ivanhoe Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows:
During the year, the following transactions occurred:
1. Calculate the weighted average number of common shares for the year.$6 cumulative preferred shares (19,000 issued) | $1,520,000 | |
Common shares (450,000 issued) | 4,500,000 | |
Retained earnings | 1,400,000 | |
Total shareholders equity | $7,420,000 |
During the year, the following transactions occurred:
2020 | ||||
June | 1 | Reacquired 12,000 common shares for $11 per share. | ||
July | 1 | Issued 50,000 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 $944,000. |
2. Assuming the preferred share dividends are one year in arrears, calculate the earnings per share if no preferred dividends are declared during the year.
3. What is the total number of common shares issued on March 31, 2021?
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