Accounting for Share Transactions The Mayfair Corporation went public on January 1, 2012, with an initial public offering of 10,000,000 common shares, $6 par value, at a market price of $18 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 $36 per share.
2. In 2014, a 3-for-1 forward stock split was executed. At the time, the Mayfair common shares were trading at $72 per share.
3. In 2015, 500,000 common shares were repurchased on the open market at a price of $90 per share.
4. On December 31, 2015, the company declared and paid its first cash dividend of $0.6 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		Answer
Dec 31, 2015 par value. Round to two decimal places.	$	Answer

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
Transaction (in thousands)	Initial Public Offering	Stock Dividend	Stock Split	Share Repurchase	Cash Dividend	Balance Sheet Totals
Assets
Cash	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer
Shareholders' Equity
Common Stock	Answer	Answer	Answer	Answer	Answer	Answer
APIC	Answer	Answer	Answer	Answer	Answer	Answer
Retained Earnings	Answer	Answer	Answer	Answer	Answer	Answer
Treasury stock	Answer	Answer	Answer	Answer	Answer	Answer
Total Shareholders' Equity						$Answer