Homework Answers
Answer -
Step - (1) - Information Given -
| Common stock, $1 par value | $582000 |
| Paid-in capital in excess of par value - common stock | $8110000 |
.
Step - (2) - Number of shares of common stock have been issued as of December 31, 2020 -
= (Par value of common stock) / Par value per share
= $582000 / $1
= 582000 shares.
.
Step - (3) - Calculation of average issue price of the common shares -
= (Par value of common stock + Paid-in capital in excess of par value of common stock) / Number of shares of common stock
= ($582000 + $8110000) / 582000 shares
= $15 per share.
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