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 $