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Question - Pharoah Limited had 41,400 common shares outstanding on January 1, 2020. On March 1, 2020, Pharoah issued 19,800 shares in exchange for equipment. On July 1, Pharoah repurchased and cancelled 10,200 shares. On October 1, 2020, Pharoah declared a 1-for-2 reverse stock split.
Required - Calculate the weighted average number of shares outstanding for Pharoah for the year ended December 31, 2020.
The applicable effective interest rate is 7%. What amount of sales revenue would Millipede recognize on April 19, 2016, for the Hartwood transaction
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