Inkaid 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 |
260,000 |
|
|
Common Stock, $25 Par Value |
|
235,000 |
|
Paid-In Capital in Excess of Par Value, Common Stock |
|
25,000 |
|
|
|
|
| b. |
Organization Expenses |
190,000 |
|
|
Common Stock, $25 Par Value |
|
126,000 |
|
Paid-In Capital in Excess of Par Value, Common Stock |
|
64,000 |
|
|
|
|
| c. |
Cash |
45,500 |
|
|
Accounts Receivable |
16,000 |
|
|
Building |
81,700 |
|
|
Notes Payable |
|
59,500 |
|
Common Stock, $25 Par Value |
|
53,700 |
|
Paid-In Capital in Excess of Par Value, Common Stock |
|
30,000 |
|
|
|
|
| d. |
Cash |
127,000 |
|
|
Common Stock, $25 Par Value |
|
76,000 |
|
Paid-In Capital in Excess of Par Value, Common Stock |
|
51,000 |
Please show work:
a.How many shares of common stock are outstanding at year-end?
|
b.What is the amount of minimum legal capital (based on par value) at year-end?
|
c.What is the total paid-in capital at year-end?
d. What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $782,000?