Reference no: EM132478402
Question - Victory Corporation reported the following stockholders' equity section on December 31, 2018.
Preferred stock, 4%, cumulative, $100 par $100,000
Paid-in capital in excess of par -preferred 55,000
Common stock, $50 par 250,000
Paid-in capital in excess of par - common 235,000
Retained earnings 455,300
Treasury common stock, at cost, 700 shares 96,000
Required -
a. Compute the following:
1. Number of shares of common stock outstanding
2. Number of shares of preferred stock outstanding
3. Average issue price of common stock
4. Average issue price of preferred stock
b. Prepare the journal entry if the board of directors declared a 15% stock dividend on the common stock when market price was $130 per share.
c. How many shares of common stock would be outstanding if Victory declares a 4-for-1 stock split?
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