Question :
Kinkaid Co. is incorporated at the starting of this year and engages in a number of transactions. The given journal entries impacted its stockholders' equity during its first year of operations.
General Journal Debit Credit
a. Cash 300,000
Common Stock, $25 Par Value 245,000
Paid-In Capital in Excess of Par Value, Common Stock 55,000
b. Organization Expenses 200,000
Common Stock, $25 Par Value 126,000
Paid-In Capital in Excess of Par Value, Common Stock 74,000
c. Cash 45,500
Accounts Receivable 20,000
Building 82,800
Notes Payable 59,500
Common Stock, $25 Par Value 58,800
Paid-In Capital in Excess of Par Value, Common Stock 30,000
d. Cash 138,000
Common Stock, $25 Par Value 79,000
Paid-In Capital in Excess of Par Value, Common Stock 59,000
2. How many shares of ordinary stock are outstanding at year-end?
3. What is the amount of minimum legal capital based on par value at year-end?
4. What is the overall paid-in capital at year-end?
5. What is the book value per share of the common stock at year-end if net paid-in capital plus retained earnings equals $784,000?