Accounting for Stock Dividends and Stock Splits

The Irvine Corporation reported the following data at year-end:

Common stock, par value $9$900,000Additional paid-in-capital2,700,000Retained earnings12,600,000Treasury shares(5,400,000)Other comprehensive income1,800,000Total shareholders' equity$12,600,000

The following transactions occurred during the year in the following sequence:

1. Declared and distributed a 10% stock dividend on the outstanding common shares at a time when the common shares were selling for $45 per share.
2. Declared a 3-for-2 forward stock split on the outstanding common shares.
3. Declared and issued a 20% stock dividend on the outstanding common shares at a time when the shares were selling for $90 per share.
4. Declared a 2-for-1 forward stock split on the outstanding common shares.

Calculate the par value per share and number of shares outstanding at year-end. Prepare the shareholders' equity section of the balance sheet for the Irvine Corporation at year-end.

Do not round until your final answers.

Par value per share at year end. Round to two decimal places.

$Answer

Number of shares outstanding at year end. Round to nearest whole number.

Answer

Do not use rounded answers in your calculations.Enter all answers in the nearest whole number.

The Irvine Corporation

Shareholders' Equity

Year EndCommon stock, par value$Answer

Additional paid-in-capitalAnswer

Retained earningsAnswer

Treasury stockAnswer

Other comprehensive incomeAnswer

Total shareholders' equity$Answer