Reference no: EM132539862
Precise company had a net income of 15,000,000 for the current year. The following appropriations have not been considered in this amount:
Arrears of cumulative preference dividend for 2 years 4,000,000
Ordinary dividends 5,000,000
Preference share premium payable on redemption 1,000,000
Exceptional profit, net of tax 4,000,000
The entity had 3,000,000 ordinary shares of 1 par outstanding at the beginning of the year. The following transactions occurred during the year:
January 1 Issued at 5 per share, 1 paid to date and entitled to participate in dividends to the extent paid up 250,000
April 1 Full market price 3 per share issue 600,000
July 1 Purchase of own shares at 3.50 per share 400,000
Required:
Question 1: Compute the average ordinary shares outstanding
Question 2: Compute the basic earnings per share
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