At the beginning of 2024, PWS Corporation had 100,000 shares…

At the beginning of 2024, PWS Corporation had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative, nonconvertible preferred stock outstanding. In addition:On February 28, 2024, PWS purchased 24,000 shares of common stock on the open market as treasury stock paying $20 per share. On June 30, 2024, PWS declared and issued a  2-for-1 stock split on outstanding common stock. On September 30, 2024, PWS sold 6,000 treasury shares for $22 per share. Net income for 2024 was $180,905.Required:Compute the weighted average number of shares to be used in computing earnings per share for 2024. Be sure to show all your work.

Equipment was purchased at the beginning of 2016 for $740,00…

Equipment was purchased at the beginning of 2016 for $740,000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $89,000. The equipment was depreciated using the straight-line method of depreciation through 2018. At the beginning of 2019, the estimate of useful life was revised to a total life of 8 years and the expected salvage value was changed to $57,000. The amount to be recorded for depreciation for 2019, reflecting these changes in estimates is