At the end of the year, the records of Nortech Corporation provided the following selected and incomplete data:

Common shares, no par value

Shares authorized, 200,000

Shares issued, ? ;issue price $17 per share; cash collected in full $ 2,125,000

Net earnings 118,000

Dividends declared and paid 75,000

Prior-period error, correction of an accounting error (a credit, net of income tax) 9,000

Retained earnings, beginning balance 155,000

Required:

1. Complete the following tabulation:

Shares authorized

Shares issued

Shares outstanding

2. Calculate the amount of Earnings per share. (Round the final answer to 2 decimal places.)

3. Calculate the amount of Dividend paid per common share. (Round the final answer to 2 decimal places.)

4. Complete the following.

The prior-period error should be reported on the : (statement of cash flow / statement of retained earnings) , (as an addition to / a deduction from), (statement of cash flow from financing activities / statement of cash flow from investing activities / statement of cash flow from operating activities / the beginning balance of retained earnings)

5. Calculate the amount of retained earnings available for dividends at the beginning of the year.

Assume that the board of directors voted for a 100 percent stock split (the number of shares will double).

6-a. After the stock split, calculate the average issue price per share? (Round the final answer to 2 decimal places.)

6-b. After the stock split, calculate the number of outstanding shares?

Assume that the company declared a 100 percent stock dividend instead of the 100 percent stock split. The market price of the common share was $21 when the dividend was declared.

7-a. If the company issues 100% stock dividend instead of issuing a two-for-one stock split, will the stock dividend affect any components of shareholders equity?

• Yes

• No

7-b. Prepare the journal entry for the declaration of 100 percent stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)