The following items were shown on the balance sheet of Herman Corporation on December 31, 2010: Stockholders

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 ____________.

(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 $_______________.

Common Stock
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