Accounting for Share Transactions
The Mayfair Corporation went public on January 1, 2012, with an initial public offering of 10,000,000 common shares, $3 par value, at a market price of $9 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 $18 per share.					$ 18,000,000.00
2. In 2014, a 3-for-1 forward stock split was executed. At the time, the Mayfair common shares were trading at $36 per share.
3. In 2015, 500,000 common shares were repurchased on the open market at a price of $45 per share.					$ 22,500,000.00
4. On December 31, 2015, the company declared and paid its first cash dividend of $0.3 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
Dec 31, 2015 par value
2. Prepare a spreadsheet to illustrate the financial effects of each of the above share transactions. Enter amounts in thousands.
Calculation of Outstanding Share:
	Number of shares
Offered Shares	10,000,000
Stock Dividend (10%)	1000000
Shares Outstanding
Par Value	$ 3.00
Market Value	$ 9.00
Effect of three transactions:
Transaction	Initial Offering	Stock Dividend	Stock Split	Share Repurchase	Cash Dividend	Balance Sheet Total
Assets
Cash		0	0
Shareholder's Equity
Common Stock			0	0	0
APIC			0	0	0
Retained Earnings	0		0	0
Treasury Stock	0	0	0		0
					Total Shareholder's Equity