C | ? ezto.mheducation.com.hm.tpx 10.00 points The equity section from the Decem

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C | ? ezto.mheducation.com.hm.tpx 10.00 points The equity section from the December 31, 2017 and 2018, balance sheets of Westburne Corporation appeared as follows Contributed capital Common shares, 50,000 shares authorized, 24,120 and 22,300 shares issued and outstanding, respectively Retained earnings $530,640 $446,000 567,000 455,000 The following transactions occurred during 2018 (assume the retirements were the first ever recorded by Westburne) Jan. 5 A $1.30 per share cash dividend was declared, and the date of record Mar. 20 2,200 common shares were repurchased and retired at $20.00 per share was five days later. Apr. 5 A$1.30 per share cash dividend was declared, and the date of record July 5 A$1 30 per share cash dividend was declared, and the date of record July 31 A 20% share dividend was declared when the market value was S 32 00 Aug. 14 The was five days later was Sve days later er share. share dividend was issued Oct 5 A $1.30 per share cash dividend was declared, and the date of record was five days later Required: 1. How many shares were outstanding on each of the cash dividend dates? shares 2. How much proft did the company earn during 2018? eBook& Resources

Explanation / Answer

WORKINGS: O/s No.of shares Dividend amt./share Total dividend Dec 31,2017 22300 5-Jan 22300 1.3 28990 Mar.20 -2200 20100 Apr.5 20100 1.3 26130 5-Jul 20100 1.3 26130 Aug.14 4020 24120 Oct.5 24120 1.3 31356 112606 1.. Jan.5 Apr.5 5-Jul Oct.5 O/s shares 22300 20100 20100 24120

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