Finding Missing Amounts At December 31, the records of Nortech Corporation provided the following selected and incomplete data:
Common stock (par $ 1; no changes during the current year). 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 the current year, $ 147,750.
Dividends declared and paid during the current year, $ 49,250.
Retained Earnings balance, beginning of year, $ 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 common stock 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 approved a 2-for-1 stock split. After the stock split, the par value per share will be $ ____.