The stockholders\' equity account balances of Kay Corporation for 2020 are given

Question

The stockholders' equity account balances of Kay Corporation for 2020 are given below December 31 720,000 594,000 36,800 January_1 648,000 Common stock ($12 par, 54,000 shares outstanding) Treasury stock (10,000 share; $16 cost per share) Paid-in capital - treasury stock 160,000 ....5,000 During 2020, Kay Corporation entered into the following transactions: March 23 Re-issued 2,400 of the treasury shares for $13 per share June 9 August 15 Issued 6,000 shares of previously un-issued common stock November 2 Re-issued 1,600 of the treasury shares for $14 per share December 18 Declared and paid a $3.75 dividend per share on the Re-issued 3,700 of the treasury shares for $22 per share outstanding shares of common stoc Kay Corporation reported a net income of $293,670 for 2020 Calculate the dollar amount per share received from the issue of the common stock on August 15

Explanation / Answer

Issued Share 6000 Par Value 12 Total Par Value 6000*12 72000 Add: Increase in Paid-in Capital -Common Stock 54000 (594000-540000) Total Dollar Amoun Received 126000 No of Share 6000 Dollar Amoun Received per share 126000/6000 21

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