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The following press release was issued by Haynes International: NEW YORK, March 19 (Reuters)Haynes International Inc., a producer of high-performance

Question:

The following press release was issued by Haynes International:

NEW YORK, March 19 (Reuters)—Haynes International Inc., a producer of high-performance nickel and cobalt-based alloys, on Monday raised $136.5 million with a U.S. initial public offering that was priced above the forecast range.

The 2.1-million-share offering was sold for $65 per share, compared with a $61 to $64 forecast range.

Required:

1. Record the issuance of stock, assuming the stock was no-par value common stock.

2. Record the issuance of stock, assuming the common stock had a par value of $1 per share.

3. Should a stockholder care whether a company issues par or no-par value stock? Explain.


Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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Req 1 in millions a Cash A 136 5 Common stock SE 136 5 Req 2 in m…View the full answer


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Financial Accounting

Financial Accounting

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7th Edition

Authors: LibbyShort

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Question Details
Chapter # 11
Section: Problems
Problem: 4
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Question Posted: December 12, 2011 09:06:55
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