Question 5 (of 15) 5. Al December 31 the records of Kozmelsky Corporation provid

Question

Question 5 (of 15) 5. Al December 31 the records of Kozmelsky Corporation provided the following selected and incomplete data: Common stock (par $2, no changes during the current year) Shares thorized, 5,000,000 Shares issued, ? issue price $7 per share. Shares held as treasury stock, 11,400 shares, cost $5 per share Net income for the current year, $431,200. Common Stock account, $146,000 Dividends declared and paid during the current year, $2 per share. Retained Eamings balance, beginning of year, $760,000. Required: Complete the following: (Round "Earnings per share" to 2 decimal places.) 1. Shares issued Shares outstanding 2. The balance in Additional Paid-in Capital would be 3. Earnings per share is 4. Total dividends paid on common stock during the curment year is stock should be reported in the stockholders' equity section of the balance sheet in the amount of Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share will be 6. CL F8 F7

Explanation / Answer

Common stock Account = $          1,46,000 "/"By Par Value = $                        2 Number of Shares = 73000 Answer = 1 Share Issued = 73,000 Shares Share Outstanding = 73,000 Shares 2 Addittional paid in capital $          3,65,000 (73,000 Shares X $ 5 per Shares) 3 Earning per shares = Net Income = $          4,31,200 "/"By Shares Outstanding 73,000 Shares Earning per shares = $                  5.91 Per shares 4 Total Dividend Paid = 73,000 Shares X $ 2 Per shars = $          1,46,000 5 Tresury Stock =(11,400 X $ 5) $            -57,000 6 Par value after the stock split = $ 2 / 2 = $ 1 Answer = $ 1 Per shares

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