Finding Missing Amounts At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data:
Common stock (par $ 2; no changes during the current year). Shares authorized, 5,000,000.
Shares issued, ? ; issue price $ 8 per share.
Shares held as treasury stock, 10,000 shares, cost $ 6 per share.
Net income for the current year, $ 481,000. Common Stock account, $ 150,000.
Dividends declared and paid during the current year, $ 2 per share. Retained Earnings balance, beginning of year, $ 800,000.
Required:
1. Complete the following:
Shares issued ____.
Shares outstanding ____.
2. The balance in Additional Paid-in Capital would be $ ____.
3. Earnings per share is $ ____. Round your answer to two decimal places.
4. Total dividends paid on common stock during the current year is $ ____.
5. Treasury stock should be reported in the stockholders’ equity section of the balance sheet in the amount of $ ____.
6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, the par value per share will be $ ____.