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, 202,000 Shares issued, ? ;issue price $16 per share; cash collected in full $ 2,040,000 Net earnings 120,000 Dividends declared and paid 76,000 Prior-period error, correction of an accounting error (a credit, net of income tax) 9,100 Retained earnings, beginning balance 160,000 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.)

Earnings per share

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:

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. Does issuing a 100% stock dividend instead of a 100% stock split have any effects on shareholders equity components? multiple choice 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.)