[The following information applies to the questions displayed below.] The financial statements for Highland Corporation included...
[The following information applies to the questions displayed below.]
The financial statements for Highland Corporation included the following selected information:
| Common stock | $ | 550,000 |
| Retained earnings | $ | 800,000 |
| Net income | $ | 1,000,000 |
| Shares issued | 110,000 | |
| Shares outstanding | 72,000 | |
| Dividends declared and paid | $ | 640,000 |
The common stock was sold at a price of $26 per share.
1. What is the amount of additional paid-in capital?
2. What was the amount of retained earnings at the beginning of the year?
3. How many shares are in treasury stock?
4. Compute earnings per share. (Round your answer to 2 decimal places.)
Homework Answers
Par value per share = 550000/110000 = $5 per share
1) Additional paid in capital = (26-5)*110000 = $2310000
2) Beginning retained earnings = 800000+640000-1000000 = $440000
3) Shares in treasury stock = 110000-72000 = 38000 Shares
4) Earning per share = 1000000/72000 = $13.89 per share
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