Homework Answers
(a) The number of shares of common stock issued was 370,000.
Common stock/Par value per share = $1,850,000/$5 = 370,000
(b) The number of shares of common stock outstanding was 352,000.
Common stock issued – Treasury stock = 370,000 – 18,000 = 352,000
(c) The sales price of the common stock when issued was $2,015,000
Common stock + Additional paid-in capital = $1,850,000 + $165,000 = $2,015,000
(d) The cost per share of the treasury stock was $10.
Treasury stock $/Number of treasury stock = $180,000/18,000 = $10
(e) The average issue price of the common stock was $5.45
Total paid-in capital/Number of shares issued = $2,015,000/370,000 = $5.45
(f) Assuming that 25% of the treasury stock is sold at $20 per share, the balance in the Treasury Stock account would be $135,000.
Treasury stock sold = 25% x 18,000 shares = 4,500
Cost of treasury stock sold = 4500 x $10 = $45,000
Balance in Treasury stock account = $180,000 - $45,000 = $135,000
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