The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, Year 3, is as follows:Shareholders’ Equity Preferred stock, $100 par value; authorized, 300,000 shares; issued, 34,500 shares $3,450,000Common stock, $5 par value; authorized, 2,000,000 shares; issued, 405,000 shares 2,025,000Paid-in capital in excess of par—preferred 97,000Paid-in capital in excess of par—common 897,000Retained earnings 3,200,000 $9,669,000 The following events occurred during Year 4:Jan. 5 10,000 shares of authorized and unissued common stock were sold for $7 per share.16 10,000 shares of authorized and unissued preferred stock were sold for $108 per share.Apr. 1 76,000 shares of common stock were repurchased for the treasury at a price of $16 per share. Superior uses the cost method to account for treasury stock.Sept. 1 3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $390,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.Dec. 1 26,000 shares of treasury stock are reissued at a price of $26 per share. Calculate the number of authorized, issued, and outstanding common shares as of December 31, Year 4.
The shareholders’ equity section of Superior Corporation’s
Shareholders’ Equity
Common stock, $5 par value; authorized, 2,000,000 shares; issued, 405,000 shares 2,025,000
Paid-in capital in excess of par—preferred 97,000
Paid-in capital in excess of par—common 897,000
Retained earnings 3,200,000
$9,669,000
The following events occurred during Year 4:
Jan. 5 10,000 shares of authorized and unissued common stock were sold for $7 per share.
16 10,000 shares of authorized and unissued preferred stock were sold for $108 per share.
Apr. 1 76,000 shares of common stock were repurchased for the treasury at a price of $16 per share. Superior uses the cost method to account for
Sept. 1 3,500 shares of preferred stock are issued in exchange for a piece of land. The land has an appraised value of $390,500. The preferred stock currently trades on the New York Stock Exchange at a price of $109 per share.
Dec. 1 26,000 shares of treasury stock are reissued at a price of $26 per share. Calculate the number of authorized, issued, and outstanding common shares as of December 31, Year 4.
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