ork 6 The folowing Nnformation applies to the questions displayed below The foll

Question

ork 6 The folowing Nnformation applies to the questions displayed below The following financial statements and information are available for Benson Industries, Inc: Balance Sheets As of Decesber 31 Cash Accounts receivable 160,700 103,700 178,900 72.300 228,300 Marketable securities (available for sale) Equipeent Accunulated deprectation 655,280 (3es,see) ??,see 1, 163,80e (239.50e) 119,8 Total assets Ltabilities and equt ty Liabillties ccovets payable (inventory Notes paysble-Long-tere Sands paysble 230, 189 0109 189508 417,588 Total I1o0slities Stockholders equity Coemon stock, no par Preferred stock, 558 par Paid-in capital in excess of par-Preferred stock Tocel paid-In cepital Retsined earnings 248,500 110,500 86,28 Total stockholders equity Total lEabilities and stockholders" equity $1,1e3,00e $ 969,700 Incose Statesent For the Year Ended December 31, 2017 sales eevenue Cost of sod s ?rass Front 51,050,58

Explanation / Answer

ans b1 Cost per share of treasury stock $100 Calculated as follows Ending balance of 2016-2017/No. of treasury stock sold (49100-39100)/100 100 ans b2 Issue price of the preferred stock 72.5 ($50+22.5) No. of preferred stock issued (110600-90600)/$50 400 Increase in paid in capital preferred stock 35000-27000 $9,000 No. of preferred stock issued 400 Paid in capital in excess per stock A/B $22.50 ans 3 Cost 29600 Less: accumulated depreciatiom 20300 Book value of equipment sold $9300

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