Common stock calculate issue price and dividend amount The balance sheet caption for common stock is the following: Common stock without par value, 7,500,000 shares authorized, 3,000,000 shares issued, and 2,700,000 shares outstanding $38,250,000

Required: Calculate the average price at which the shares were issued. If these shares had been assigned a stated value of $1 each, show how the caption here would be different. If a cash dividend of $1.60 per share were declared, calculate the total amount of cash that would be paid to stockholders. What accounts for the difference between issued shares and outstanding shares?