1. What is the par value, if any, of Macrohard Corporation common stock, and how can you tell? What amount of total proceeds was received for common stock for the fiscal year ending June 30, 2006? What was the average proceeds per share for these issued shares?

2. During the fiscal year, Macrohard repurchased 1,980,000 shares. What was the total amount paid to acquire these shares? What was the average price per share? Prepare the journal entry that Macrohard made to account for the repurchased stock

3. How many common shares had been issued as of June 30, 2006, and how many shares were outstanding as of that date?

4. What is the book value per share of stock outstanding at June 30, 2005? At June 30, 2006?

5. At June 30, 2006, Macrohard common stock had a market price of approximately $80 per share. What was the premium over the book value? Briefly discuss why investors paid such a high premium over book value.