Required information [The following information applies to the questions displayed below.] Shown below is information relating...
Required information
[The following information applies to the questions displayed below.]
Shown below is information relating to the stockholders' equity of Brookdale Corporation at December 31, 2018:
| 11% cumulative preferred stock, $130 par, 100,000 shares
authorized, 10,000 shares issued |
$ | 1,300,000 | |
| Common stock, $1.25 par, 1,000,000 shares authorized, 600,000
shares issued (of which 6,000 are held in treasury) |
750,000 | ||
| Additional paid-in capital: preferred stock | 500,000 | ||
| Additional paid-in capital: common stock | 900,000 | ||
| Additional paid-in capital: treasury stock transactions | 6,000 | ||
| Treasury stock (at cost: 6,000 common shares) | (192,000 | ) | |
| Retained earnings | 1,350,000 | ||
What was the average issue price per share of common stock?
Homework Answers
Ans:
Average Issue Price of Common Stock:
1)No of Common Stock shares issued * Par
Value=600,000-6000*1.25=$742,500
2)Add:Paid in Capital in excess of par value= $900,000
3) Totals (1+2)= 1,642,500
4)No of Common Stock shares issued (600,000-6000=594,000)
594,000
5) Average issue price of common Stock (3/4)-1642500/594,000= 2.765 or 2.77 (if rounded off)
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