Recording Transactions and Comparing Par and No-Par Stock
The following press release was issued by Haynes International:
NEW YORK. March 19 (Reuters)—Haynes International Inc., a producer of high-performance nickel and cobalt-based alloys, on Monday raised $136.5 million with a U.S. initial public offering that was priced above the forecast range.
The 2.1-million-share offering was sold for $65 per share, compared with a $61 to $64 forecast range.
Required:
1. Record the issuance of stock, assuming the stock was no-par value common stock.
2. Record the issuance of stock, assuming the common stock had a par value of $1 per share.
3. Should a stockholder care whether a company issues par or no-par value stock? Explain.
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