Question - The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31.
Common Stock - $5 par, 60,000 shared issued $300,000
Paid-In Capital in Excess of Par-Common Stock 600,000
Preferred stock - $100 par, 5,000 shares issued 500,000
Paid-In Capital in Excess of Par-Preferred 100,000
Retained Earnings 200,000
Treasury Stock (cost - $12 per share) 60,000
Answer the following questions:
1. How many shares of treasury stock are owned?
2. What was the average market price per share at which common stock was issued?
3. What was the average market price per share at which preferred stock was issued?
4. What is the total value of the paid-in capital portion of stockholders' equity?
5. What is the total value of stockholders' equity?
6. How many shares of common stock are outstanding?