PA11-3 Finding Missing Amounts [LO 11-2, LO 11-3, LO 11-5] At December 31 the re

Question

PA11-3 Finding Missing Amounts [LO 11-2, LO 11-3, LO 11-5] At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data Common stock (par $2; no changes during the current year). Shares authorized, 5,000,000 Shares issued,: issue price $9 per share. Shares held as treasury stock, 11,900 shares, cost $7 per share. Net income for the current year, $380,900. Common Stock account, $141,000. Dividends declared and paid during the current year, $2 per share. Retained Earnings balance, beginning of year, $710,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.) 1. Shares issued Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Total dividends paid on common stock during the current year is Treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share will be 6

Explanation / Answer

1 Shares issued = 141000/2= 70500 Shares outstanding = 70500-11900= 58600 2 Balance in Additionl paid in capital = 70500*(9-2)= 493500 3 Earnings per share = 380900/58600= 6.5 4 Total divdends = 58600*2= 117200 5 Treasury stock = 11900*7= 83300 6 Par value = $1

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