Oxygen Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations.
General Journal Debit Credit
a. Cash 310,000
Common Stock, $25 Par Value 230,000
Paid-In Capital in Excess of Par Value, Common Stock 80,000
b. Organization Expenses 190,000
Common Stock, $25 Par Value 128,000
Paid-In Capital in Excess of Par Value, Common Stock 62,000
c. Cash 45,000
Accounts Receivable 19,500
Building 82,600
Notes Payable 59,900
Common Stock, $25 Par Value 57,200
Paid-In Capital in Excess of Par Value, Common Stock 30,000
d. Cash 148,000
Common Stock, $25 Par Value 79,000
Paid-In Capital in Excess of Par Value, Common Stock 69,000
REQUIRED:
1.How many shares of common stock are outstanding at year-end?
2.What is the amount of minimum legal capital (based on par value) at year-end?
3.What is the total paid-in capital at year-end?
4.What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $800,000?