Altoona Company began the year with $300,000$ shares of $$4$ par common stock. On May $1,$ they issued $150,000$ shares. On July $1,$ they issued $25,000$ shares. On September $1,$ Altoona experienced a $4$ for $1$ stock split, and on October $1,$ they repurchased $25,000$ shares and placed them in the treasury.

Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations.

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Answer rating: 100% (QA)

To calculate the weighted average shares for the year we need to consider the number of shares outst... View the full answer