The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following...

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The stockholders equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: $ 1

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Answer 1

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1	Number of Preferred shares issued	=	Total preferred stock capital / Par value per share
		=	$124000/ $20
		=	6,200

2	Number of Preferred shares outstanding	=	Number of Preferred shares issued - Treasury stock shares
		=	6200 - 1000
		=	5,200

3	Average issue price of Preferred share	=	$ 20

	Preferred stock capital	=	$ 1,24,000
Add:	Additional Paid - in - Capital, Preferred stock	=	$ 20,150
(i)	Total	=	$ 1,44,150
(ii)	Number of Preferred shares	=	6,200
(i) / (ii)	Preferred stock issued price	=	$ 20

4	Average issue price of Common share	=	$ 110

(i)	Common stock capital	=	$ 7,70,000
(ii)	Number of Common shares	=	7,000
(i) / (ii)	Common stock issued price	=	$ 110

5	Treasury stock increase (decrease) Equity by	=	$ 10,000

6	Treasury stock cost	=	$10000 / 1000
		=	$ 10

7	Total Shareholder's equity	=	$ 9,64,150
	($144150 + $770000 + $40000 + $10000)

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Answer 2

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