Calculate the weighted average shares outstanding

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Question 1 - Haag Corp.'s 2015 income statement showed pretax accounting income of $1,500,000. To compute the federal income tax liability, the following 2015 data are provided:

Income from exempt municipal bonds

$ 60,000

Depreciation deducted for tax purposes in excess of depreciation
deducted for financial statement purposes

120,000

Estimated federal income tax payments made

300,000

Enacted corporate income tax rate

30%

What amount of current federal income tax liability should be included in Hagg's December 31, 2015 balance sheet?

Question 2 - Milo Co. had 700,000 shares of common stock outstanding on January 1, issued 126,000 shares on May 1, purchased 63,000 shares of treasury stock on September 1, and issued 54,000 shares on November 1. The weighted average shares outstanding for the year is?

Reference no: EM132078491

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