Accounting for Share Transactions The Mayfair Corporation went public on January 1, 2012, with an initial public offering of 10,000,000 common shares, $2 par value, at a market price of $6 per share. Since then, the following equity transactions had occurred: 1. In 2013, a 10% stock dividend was issued. At the time, the Mayfair common shares were trading at $12 per share. 2. In 2014, a 3-for-1 forward stock split was executed. At the time, the Mayfair common shares were trading at $24 per share. 3. In 2015, 500,000 common shares were repurchased on the open market at a price of $30 per share. 4. On December 31, 2015, the company declared and paid its first cash dividend of $0.2 per share on all outstanding common shares. Required 1. Calculate the par value per share and the number of shares outstanding for the Mayfair Corporation on December 31, 2015. Dec 31, 2015 shares outstanding 32500000 Dec 31, 2015 par value. Round to two decimal places. $ 0.33 2. Prepare a spreadsheet to illustrate the financial effects of each of the above share transactions. Enter amounts in thousands (i.e., $10,000,000 = $10,000). Use a negative sign with answers to indicate a reduction in an account balance. The Mayfair Corporation Balance Initial Public Stock Stock Share Cash Sheet Transaction in thousands) Offering Dividend Split Repurchase Dividend Totals Assets Cash $ 60000 $ 0 $ 0 $ 0 $ 0 $ 0 Shareholders' Equity Common Stock 0 0 0 0 0 0 APIC 0 0 0 0 Retained Earnings 0 0 0 0 0 Treasury stock 0 0 0 0 0 Total Shareholders' Equity $ 0 0 0 0 0