As auditor for Banquo & Associates, you have been assigned to check Duncan Corporation’s computation of earnings per share for the current year. The controller, Mac Beth, has supplied you with the following computations.
|Common shares issued and outstanding:|
|Beginning of year||
|End of year||
|Earnings per share:|
|$3,374,960||= $2.72 per share|
You have developed the following additional information.
|Outstanding, Jan. 1||
|Treasury shares acquired, Oct. 1||
|Shares reissued, Dec. 1||
|Outstanding, Dec. 31||