ACC – Preferred stock (8%, $50 par value) $ 300,000 $ 150,000 Common stock

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Description

Preferred stock (8%, $50 par value) $ 300,000 $ 150,000 Common stock ($10 par value, 80,000 shares authorized, 80,000 shares issued, 10,000 shares in treasury) 800,000 650,000 Additional paid-in capital: Preferred stock 200,000 175,000 Common stock 525,000 300,000 Retained earnings 679,000 505,000 Less: treasury stock 150,000 — Total shareholders’ equity $2,654,000 $1,780,000

Required:
a. How many shares of common stock were issued during 2010? What was their average issue price?
b. How many shares of preferred stock were issued during 2010? What was their average issue price?
c. Give the entry for the company’s purchase of treasury stock. What was the average repurchase price?
d. What was the company’s book value at the end of 2009? 2010?

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