Question: Beta Ltd had the following changes during 20X1: 1 January 1,000,000 shares of 50c each 31 March 500,000 shares of 50c each issued at full

Beta Ltd had the following changes during 20X1:
1 January 1,000,000 shares of 50c each
31 March 500,000 shares of 50c each issued at full market price of $5 per share
30 April Bonus issue made of 1 for 2
31 August 1,000,000 shares of 50c each issued at full market price of $5.50 per share
31 October Rights issue of 1 for 3. Rights price was $2.40 and market value was $5.60 per share.

Required:
Calculate the time-weighted average number of shares for the basic earnings per share denominator. Note that adjustments will be required for time, the bonus issue and the bonus element of the rights issue.

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