Burton Inc. has two classes of stock, 6% $100 par cumulative Preferred Shares and $1 par Common Shares. The equity section shows: Common stock, $1 par value, 1,000,000 shares authorized and shares issued.......... $470,000 Paid in capital in excess of par value...... At what average price was the common shares issued? Respond rounded to TWO DECIMALS, without a dollar sign and without commas. Your Answer: Answer $238,000
Burton Inc. has two classes of stock, 6% $100 par cumulative Preferred Shares and $1 par Common Shares. The equity section shows: Common stock, $1 par value, 1,000,000 shares authorized and shares issued.......... $470,000 Paid in capital in excess of par value...... At what average price was the common shares issued? Respond rounded to TWO DECIMALS, without a dollar sign and without commas. Your Answer: Answer $238,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 5MCQ
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Question
![Burton Inc. has two classes of stock, 6% $100 par cumulative Preferred Shares and $1 par Common
Shares. The equity section shows:
Common stock, $1 par value, 1,000,000 shares authorized and shares
issued
..$470,000
Paid in capital in excess of par value......
At what average price was the common shares issued?
Respond rounded to TWO DECIMALS, without a dollar sign and without commas.
Your Answer:
Answer
$238,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb2edb877-b534-4b97-81f1-f82495ad375e%2Fb727a683-3c18-4cea-9b74-f12b2ea5a3c8%2Fekxrb4l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Burton Inc. has two classes of stock, 6% $100 par cumulative Preferred Shares and $1 par Common
Shares. The equity section shows:
Common stock, $1 par value, 1,000,000 shares authorized and shares
issued
..$470,000
Paid in capital in excess of par value......
At what average price was the common shares issued?
Respond rounded to TWO DECIMALS, without a dollar sign and without commas.
Your Answer:
Answer
$238,000
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