At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $3,700,000. On...
At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $3,700,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,200,000 of $10 par value common stock and Preferred Stock account of $150,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $105. Use this information to determine the book value per share of Common Stock as of end of the FY 2018: (Round your answer to the nearest penny.)
Homework Answers
Answer:
Book value per share of common stock is $29.52
Explanation:
Step 1:
Total stock holder equity = $3700000
Number of common stock outstanding = $1200000 / $10 = 120000
Number of Preferred Stock outstanding = $150000 / $100 = 1500
Step 2:
Book value of Preferred Stock = 1500 shares x $105 = $157500
Book value of common stock = $3700000 - $157500 = $3542500
Step 3:
Book value of common stock = $3542500 / 120000 shares = $29.52
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