Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets:Мay 31, 2019April 30, 2019Paid-in capital:Preferred stock, $120 par value, 5%, cumulative, 100,000 sharesauthorized, 74,000 shares issued and outstandingCommon stock, $6 par value, 600,000 shares authorized, 420,000 and400,000 shares issued, respectivelyAdditional paid-in capitalRetained earnings$ 8,880,000$ 8,880,0002,400,00014,140,00011,794,000?14,670,00012,070,000Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares,respectively(1,932,000)(1,872,000)Total stockholders' equity$$35,342,000b. The only transaction affecting additional paid-in capital during the month of May was the sale of additional common stock. At whatprice per share were the additional shares sold? (Round your answer to 2 decimal places.)Price per share

Solution: Increase in additional paid in capital = 14670000 - 14140000 = $530,000 Increase in shares issued = 420000 - 400000 = 20,000 shares Total value of 20000 fresh issue of shares = par value + increase in additional paid in capital = 20000*6 + 530000 = $650,000 Therefore, Price per share =Total value of 20000 fresh issue of shares / 20000 shares = 650000 / 20000 = $32.50

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Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively $ 8,880,000 $ 8,880,000 14,670,000 12,070,000 2,400,000 14,140,000 11,794,000 (1,932,000) |(1,872,000) Total stockholders' equity ? $35,342,000

Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 5%, cumulative, 100,000 shares authorized, 74,000 shares issued and outstanding Common stock, $6 par value, 600,000 shares authorized, 420,000 and 400,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 21,000 shares and 19,500 shares, respectively $ 8,880,000 $ 8,880,000 14,670,000 12,070,000 2,400,000 14,140,000 11,794,000 (1,932,000) |(1,872,000) Total stockholders' equity ? $35,342,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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