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 $2,600,000
Required:
(a) Calculate the average price at which the shares were issued. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
(c) If a cash dividend of $.60 per share were declared, calculate the total amount of cash that would be paid to stockholders. (Omit the "$" sign in your response.)
(d) What accounts for the difference between issued shares and outstanding shares?