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Tornado Buildings Inc. (TBI) had 100,000 ordinary shares outstanding on January 1, 2020. It also had 300,000 cumulative preferred shares with a $1.00 dividend. Transactions throughout 2020 affecting its shareholdings follow. March 1: TBI issued 90,000 ordinary shares April l: TBI declared and issued a 9% stock dividend on the ordinary shares July 1: TBI repurchased and cancelled 50,000 ordinary shares. October 1: TBI declared and issued a 2-for-l stock split on the ordinary shares Net income for the year ended December 31, 2020 was $900,000. Its tax rate was 30%.
Required:
Problem 1: Calculate the weighted average number of ordinary shares outstanding in 2020.
Problem 2: Calculate basic EPS in 2020.
Problem 3: Assume the preferred shares were not cumulative calculate Basic EPS for 2020
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