You have issued a total of 24 shares of preferred stock. If you were given the...
You have issued a total of 24 shares of preferred stock. If you were given the following account balance, explain how you would figure out (1) the par value per share of stock and (2) the average amount you received per share when you issued the stock?
Preferred Stock 2,400
Homework Answers
1) The par value is also known as nominal value or face value generally it is 10 or 100. Generally in case of preferred stock it's always remain 100 so it is not very difficult to know that the face value in the above question would also be 100 since we had 24 shares and preferred stock value is 2400 so the par value would be 24 i.e.(2400/100)
2. Average amount that received per share when stock issued, since in the given question it does not given that whether prefferd stock is issued on discount or premium and no any further informaiton is given therefore assuming that preferred stock is issued at total 2400 so according to that the average amount received per share would be 100 i.e. (2400/24)
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