3-8-11 Solutions

3-8-11 Solutions - EXERCISE 16-16 (a) Event Dates...

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Unformatted text preview: EXERCISE 16-16 (a) Event Dates Outstanding Shares Outstanding Restatement Fraction of Year Weighted Shares Beginning balance Jan. 1Feb. 1 480,000 1.2 X 3.0 1/12 144,000 Issued shares Feb. 1Mar. 1 600,000 1.2 X 3.0 1/12 180,000 Stock dividend Mar. 1May 1 720,000 3.0 2/12 360,000 Reacquired shares May 1June 1 620,000 3.0 1/12 155,000 Stock split June 1Oct. 1 1,860,000 4/12 620,000 Reissued shares Oct. 1Dec. 31 1,920,000 3/12 480,000 Weighted-average number of shares outstanding 1,939,000 (b) Earnings Per Share = $3,256,000 (Net Income) = $1.68 1,939,000 (Weighted-Average Shares) (c) Earnings Per Share = $3,256,000 $900,000 = $1.22 1,939,000 (d) Income from continuing operations a .................................. $1.46Loss from discontinued operations b ............................................................... (.22 ) Income before extraordinary item............................................................. 1.24 Extraordinary gain c ............................................................. .44 Net income.............................................................................................income....
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3-8-11 Solutions - EXERCISE 16-16 (a) Event Dates...

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