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What was the weighted average number of shares outstanding

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Reference no: EM133039395

Question - Treasure Inc. (TI) had 50,000 shares outstanding on January 1, 2020. Transactions throughout 2020 affecting its share holding as follows:

March 1: TI issued 40,000 shares.

April 1 -TI declared and issued an 8% stock dividend on the shares.

July 1: TI repurchased and canceled 30,000 shares.

October 1: TI declared and issued a 3-for-l stock split on the shares.

December 31: TI declared $99,600 in dividends on the shares.

Net income for the year ended December 31, 2020, was $600,000. Its tax rate was 40%.

Required - What was the weighted average number of shares outstanding in 2020?

Reference no: EM133039395

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