Consider the following equity section of a balance sheet for a corporation. How

Question

Consider the following equity section of a balance sheet for a corporation. How much in total have the common shareholders contributed to the corporation in exchange for stock? What has been the average issue price for a share of common stock? (Round to the nearest dollar) Common stock, 750000 shares authorized, 17000 shares issued, 16150 shares outstanding, $12 par value $204000 Contributed capital in excess of par value, Common Stock $816000 Retained Earnings $105000 Treasury Stock $(30600) Total Stockholders Equity $1094400

Explanation / Answer

1 Amount contributed by common shareholders = 204000+816000 = $1020000 2 Average issue price = 1020000/17000= 60

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