Gear Corporation had the following common stock record during the current calendar year: Outstanding-January 1 104,000 Additional shares issued 3/31 5,040,000 Distributed a 10% stock dividend on 6/30 Shares reacquired 9/30 104,000 What is the number of shares to be used in computing basic EPS

Gear Corporation

The number of shares to be used in computing basic EPS is:

6,654,400 shares

Explanation:

a) Data and Calculations:

January 1 Outstanding shares =              1,104,000

March 31  Issued shares                        5,040,000

Total outstanding before June              6,144,000

June 30 10% Stock Dividend                    614,400

Total before reacquisition in Sept.       6,758,400

Sept. 30 Treasury Stock                           104,000

Total outstanding for EPS computing 6,654,400

b) The outstanding number of shares on December 31 equals 6,654,400 shares.  This will be used to calculate Gear's EPS.  

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