X Co. had the following stock transactions during the fiscal year ended June 30, Year 2:
Beginning stock balance, July 1, Year 1 100,000 shares
2:1 stock split, September 30, Year 1
Issuance of additional shares, January 1, Year 2 50,000 shares
Repurchase of shares, June 23, Year 2 1,040 shares
What was X Co.'s weighted average number of shares outstanding at June 30, Year 2?
a. 151,040
b. 224,980
c. 225,140
d. 251,040
The answer is 224,980. i dont understand why they get 1040 * 1/52 in calculate the # share outstanding in Repurchase of shares,June 23. Can any one help? Thanks
