Reference no: EM132739947
Questions -
Q1. On January 1, 2020, Blossom Ltd. had 618,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account:
Feb. 1 Issued 192,000 shares.
Mar. 1 Issued a 13% stock dividend.
May 1 Acquired 221,000 common shares and retired them.
June 1 Issued a 3-for-1 stock split.
Oct. 1 Issued 48,000 shares.
The company's year-end is December 31.
Required - Determine the weighted average number of shares outstanding as at December 31, 2020.
Q2. Assume that Blossom earned net income of $3,629,000 during 2020. In addition, it had 110,000 of 11%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2020.
Required - Calculate earnings per share for 2020, using the weighted average number of shares determined above.
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