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Question 1: Following are the equity accounts for Clark Manufacturing.
Common Stock, $3 Par $ 550,500
Capital Surplus $ 640,000
Retained Earnings $ 3,450,000
Total $ 4,640,500
i) How many shares are outstanding?
ii) At what average price were the shares sold?
iii) What is the book value per share of Clark stock?
Question 2: The Eastern Reserve Company equity accounts for last year are as follows:
Common Stock, $2 Par (800 shares outstanding) ?
Capital Surplus $24,000
Retained Earnings $65,000
Total ?
i) Fill in the missing numbers.
ii) Eastern decided to issue 850 shares of new stock. The current market price is $27 per share.
Show the effects of the new issue upon the equity accounts.