Exercise 8-10 (Algo) Common stock-calculate issue price and dividend amount LO 1 The balance sheet caption for common stock is the following: Common stock without par value, 3,300,000 shares authorized, 750,000 shares issued, and 670,000 shares outstanding $3,400,000 Required: a. Calculate the average price at which the shares were issued. b. If these shares had been assigned a stated value of $1 each, show how the caption here would be different. c. If a cash dividend of $0.13 per share were declared, calculate the total amount of cash that would be paid to stockholders. d. What accounts for the difference between issued shares and outstanding shares? Answer is complete but not entirely correct. Required A Required B Required C Required D If these shares had been assigned a stated value of $1 each, show how the caption here would be different. Common stock at stated value of $1 per share; 3,300,000 shares authorized, 750,000 issued and 670,000 shares outstanding Additional paid in capital Total paid in capital $ 750,000 2,647,500 $3,397,500