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Weighted average shares outstanding.
Point 1: On January 1, 202X, Patrick Corporation had 1,100,000 shares of common stock outstanding. On March 1, the corporation issued 175,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 600,000 of its own outstanding shares and retired them.
Instructions
Question 1: Compute the weighted average number of shares to be used in computing earnings per share for 202X.
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