Calculate the dollar amount per share received

Assignment Help Accounting Basics

Reference no: EM131983488

Problem

The stockholders' equity account balances of Kay Corporation for 2020 are given below:

January 1 December 31 (these are referring to the 2 numbers after the "......")

Common stock ($12 par, 54,000 shares outstanding) ............ 648,000 720,000

Paid-in capital - common stock ............................... 540,000 582,000

Treasury stock (10,000 shares at a cost of $16 per share) .... 160,000 33,600

Paid-in capital - treasury stock ............................. 4,000 18,000

Retained earnings ............................................ 425,000 469,745

During 2020, Kay Corporation entered into the following transactions:

March 23 Re-issued 2,500 of the treasury shares for $14 per share

June 9 Re-issued 3,800 of the treasury shares for $22 per share

August 15 Issued 6,000 shares of previously un-issued common stock

November 2 Re-issued 1,600 of the treasury shares

December 18 Declared and paid a dividend on the outstanding shares of common stock

Kay Corporation reported a net income of $280,000 for 2020.

Calculate the dollar amount per share received from the re-issue of the treasury stock on November 2. Do not use decimals in your answer or type the words per share after your answer.

Reference no: EM131983488

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