At December 31, 2013, the records of Nortech Corporation provided the following selected and incomplete data: Common

Question:

At December 31, 2013, the records of Nortech provided the following selected and incomplete data:
Common stock (par $1; no changes during 2013).
Shares authorized, 500,000.
Shares issued, ? ; issue price $22 per share.
Common Stock account $200,000.
Shares held as treasury stock, 3,000 shares, cost $20 per share.
Net income for 2013, $147,750.
Dividends declared and paid during 2013, $49,250.
Retained Earnings balance, January 1, 2013, $155,000.
Required:
1. Complete the following:
Shares authorized .
Shares issued .
Shares outstanding .
2. The balance in Additional Paid-in Capital would be $ .
3. Earnings per share is $ .
4. Dividends paid per share of is $ .
5. Treasury stock should be reported in the stockholders' equity section of the in the amount of $ .
6. Assume that the board of directors approved a 2-for-1 stock split. After the stock split, the per share will be $ .
7. Disregard the stock split (assumed above). Assume instead that a 100 percent stock was declared and issued after the treasury stock had been acquired, when the market price of the was $21. Give any journal entry that should be made?
Common Stock
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