Question
At its IPO, U.S. Shale sold 500,000 shares to the public and raised $4 million. (These are the only shares outstanding.) The par value of
At its IPO, U.S. Shale sold 500,000 shares to the public and raised $4 million. (These are the only shares outstanding.) The par value of each share was $1. The company’s net common equity amounts to $5,700,000.
Calculate the following for U.S. Shale:
a) Common shares at par value
b) APIC (additional paid-in capital)
c) Retained earnings
Enter your answers with one decimal point, if applicable
Step by Step Solution
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Step: 1
a Common shares at par value Since the par value of each share is 1 and 500000 shares were sold the ...
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Understanding Financial Accounting
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
1st Canadian Edition
1118849388, 9781119048572, 978-1118849385
