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stock and stockholders equity
Dollar amounts in millions, except share amounts.
common stock, $1.50 par value, 1800 million shares issued... $2700 capital in excess of par value... $8100 retained earnings... $1200 treasury stock, at cost... $0 total stockholder's equity... $12000 If 6 million shares of common stock were issued for $12.50, 1 million shares of treasury stock were purchased for $14 million, and $30 million cash dividends were declared and paid, update above stockholders' equity section. :mad::eek::(:confused: |
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Take each item one at a time and figure out how it would affect the numbers. You can do that by looking up the journal entry for them. That is, if 6 million shares were issued at $12.50, first of all, how much total is that? What is the entry for that? (That absolutely should be in your book as it's a basic stock entry.) What accounts did that affect? Therefore, how does it change these numbers? (You can ignore the non-equity accounts.) Give this a try, by going slowly, one step at a time. |
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