The shareholders equity accounts of Wildhorse Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows:

$4 cumulative preferred shares (23,000 issued)		$1,840,000
Common shares (490,000 issued)		4,410,000
Retained earnings		1,500,000
Total shareholders equity		$7,750,000

During the year, the following transactions occurred:

2020
June		1		Reacquired 12,000 common shares for $10 per share.
July		1		Issued 45,000 common shares for $11 per share.
Sept.		30		Reacquired 9,000 common shares for $10.50 per share.
2021
Jan.		31		Issued 54,000 common shares in exchange for land. The lands fair value was $594,000.
Mar.		31		Profit for the year ended March 31, 2021, was $1,073,000.

Part 1

Calculate the weighted average number of common shares for the year.

Weighted average number of common shares

eTextbook and Media

Save for Later

Attempts: 0 of 5 used

Submit Answer

Using multiple attempts will impact your score.

40% score reduction after attempt 4

Part 2

Part 3