Problem 16-07 Charles Austin of the controller’s office of Waterway Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2021. Austin has compiled the information listed below.
(a) | |||||
Event | Dates Outstanding | Shares Outstanding | Restatement | Fraction of Year | Weighted Shares |
Beginning Balance, including 5% share dividend | Jan. 1–Apr. 1 | 2,100,000 | 2 | 0.25 | 1,050,000 |
Conversion of preference share | Apr. 1–July 1 | 2,501,940 | 2 | 0.25 | 1,250,970 |
Share split | July 1–Aug. 1 | 5,003,880 | 0.08 | 416,990 | |
Issued shares for building | Aug. 1–Nov. 1 | 5,320,680 | 0.25 | 1,330,170 | |
Purchase of treasury shares | Nov. 1–Dec. 31 | 5,299,080 | 0.17 | 883,180 | |
Total number of ordinary shares to compute basic earnings per share | 4,931,310 | ||||
b) | |||||
Number of shares to compute basic earnings per Share | 4,931,310 | ||||
Convertible preference shares—still outstanding (741600 - 382,800) X 2 X 1.05) | 753,480.00 | ||||
Convertible preference shares—converted (382,800 X 2 X 1.05 X 3/12) | 200,970.00 | ||||
Number of shares to compute diluted earnings Per share | 5,885,760.00 | ||||
c) | |||||
After-tax net income | $ 11,800,000.00 | ||||
Preference share dividends: | |||||
March 31 (741,600 X $3/4) | $ 556,200.00 | ||||
June 30, September and December 31 (741600 - 382,800) x $3/4 x 3 months) | $ 807,300.00 | $ 1,363,500.00 | |||
Adjusted net income | $ 10,436,500.00 | ||||
Problem 16-07 Charles Austin of the controller’s office of Waterway Corporation was given the assignment of...
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