Asian Food Specialties, Inc., reported the following statement of stockholders' equity for the year ended June 30, 20X7:

Required
Answer these questions about Asian Food Specialties' stockholders' equity transactions.
1. The income tax rate is 40%. How much income before income tax did Asian Food Specialties report on the income statement?
2. What is the par value of the company's common stock?
3. At what price per share did Asian Food Specialties issue its common stock during the year?

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Asian Food Specialties, Inc. Statement of Stockholders' Equity Year Ended June 30, 20X7 Addition al Common Stock Paid-in Retained T Capital Treasury Stock (In millions) Earnings Total Balance, June 30, 20X6. Net in Cash dividends $1,702 540 (117) $175 $2,118 S(18) S3, 540 (117) 51 Stock dividend Sale of treasury stock Balance 46 180 14 $2,358 18 (198) 20 $4,471 30, 20X7.. $198 $1,927 S (12)