Solved: One million ordinary shares are authorized and 40000 shares, Accounting Basics

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One million ordinary shares are authorized and 40000 shares

Question - On December 31, 2011, Colaw Company reports the following amounts in its equity section:

Share capital-ordinary $2,400,000

Share premium-ordinary 900,000

Retained earnings 1,780,000

Treasury shares 180,000

The ordinary shares have a stated value of $10 per share. One million ordinary shares are authorized and 40,000 shares are held in the treasury.

Instructions - Compute the book value per ordinary share.

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Accounting Basics: One million ordinary shares are authorized and 40000 shares

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