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Determine the average ordinary shares outstanding

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Reference no: EM132539674

Summer company had the following ordinary share activity during the current year:

January 1               outstanding                  500,000 shares

March 1               new shares issued          60,000 shares

June 1                    2 for 1 split                 560,000 shares

November 1          Treasury shares acquired        48,000 shares

The entity had 200,000 cumulative preference shares of 20 par value outstanding throughout the year. the preference dividend rate is 10% the entity reported a net income of 5,860,000 for the current year.

Required:

Question 1: Determine the average ordinary shares outstanding.

Question 2: Determine the basic earnings per share.

Reference no: EM132539674

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