Intermidiate Accounting II

20) Using the following data, calculate weighted-average common shares outstanding for Year 7. (5 points) As of Jan 1, Year 7, there were 20,000 shares of its $10-par common stock outstanding On March 1, issued 2,000 shares of its $50-par preferred stock. On April 1, issued 10,000 additional shares of its $10-par common stock. On May 1, paid a $100,000 cash dividend on all its shares of stock. On July 1, repurchased 5,000 shares of its $10 par common stock. On August 1, declared a 10% stock dividend on all shares of its $10-par common stock. On October 1, reissued 2,000 of previously repurchased shares. On December 31, reported net income of $700,000. Weighted average common shares outstanding (You may use the grid to figure the numbers.)