explain all answer, no written work
Homework Answers
9)
The correct answer is "a. $8".
Supporting calculations:
| 9) Average issue price: | |
| Common stock (a) | $2,100,000 |
| Par value per share (b) | $2 |
| Number of shares of common stock (a/b) | 1,050,000 |
| Common stock | $2,100,000 |
| Add: Additional paid-in capital-common | $6,300,000 |
| Total value of common stock (a) | $8,400,000 |
| Number of shares of common stock (b) | 1,050,000 |
| Average issue price (a/b) | $8 |
Therefore, average issue price is $8.
10)
The correct answer is "d. $6,000".
Supporting calculations:
| 10) | |
| Preferred stock | $720,000 |
| Add: Additional paid-in capital common | $50,000 |
| Total value of preferred stock | $770,000 |
| Preferred dividends ($770,000*5/100) | $38,500 |
| Total dividends payable to common stock ($3,186,000 - $38,500) (a) | $3,147,500 |
| Number of shares of common stock (b) | 1,050,000 |
| Dividend per share (a/b) | $3.00 |
| Amount of dividends belong to a person ($3 * 2,000 shares) | $6,000 |
Therefore, amount of dividends belong to a person is $6,000.
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explain all answer, no written work
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