Question

At December 31, the records of Seacrest Enterprises provided the following selected and incomplete data:
Common stock (par $ 1; no changes during the current year). Shares authorized, 10,000,000.
Shares issued, ? ; issue price $ 10 per share.
Shares held as treasury stock, 50,000 shares, cost $ 11 per share. Net income for the current year, $ 1,400,000
Common Stock account, $ 750,000. Dividends declared and paid during the current year, $ 1 per share. Retained Earnings balance, beginning of year, $ 36,400,000.
Required:
1. Complete the following: Shares issued _____. Shares outstanding _____.
2. The balance in Additional Paid-in Capital would be $ _____.
3. Earnings per share is $ _____. Round your answer to two decimal places.
4. Total dividends paid on common stock during the current year is $ _____.
5. Treasury stock should be reported in the stockholders’ equity section of the balance sheet in the amount of $ _____.
6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share will be $ _____.


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  • CreatedNovember 02, 2015
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