Question

The following items were shown on the balance sheet of Herman Corporation on December 31, 2010:
Stockholders’ Equity
Paid-In Capital
Capital Stock
Common stock, $5 par value, 360,000 shares
authorized; ______ shares issued and ______ outstanding $1,550,000
Additional paid-in capital
In excess of par, value ......................................................$165,000
Total paid-in capital ......................................................$1,715,000
Retained Earnings............................................................$750,000
Total paid-in capital and retained earnings ..................$2,465,000
Less: Treasury stock (18,000 shares) ..........................$(180,000)
Total stockholders' equity ............................................$2,285,000

Instructions
Complete the following statements and show your computations.
(a) The number of shares of common stock issued was _______________
(b) The number of shares of common stock outstanding was ____________.
(c) The sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $20 per share, the balance in the Treasury Stock account would be $_______________.



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  • CreatedMay 23, 2013
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