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The balance sheet caption for common stock is the following: Common stock without par value, 2,000,000 shares authorized, 400,000 shares issued, and 360,000 shares outstanding $2,600,000

Required:

(a) Calculate the average price at which the shares were issued. (Round your answer to 2 decimal places. Omit the "tiny_mce_markerquot; sign in your response.) Price $

(b) If a cash dividend of $.60 per share were declared, calculate the total amount of cash that would be paid to stockholders. (Omit the "tiny_mce_markerquot; sign in your response.) Cash $

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9988980

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