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Help with problem 6 please! At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock
Help with problem 6 please!
At the end of the year, the records of NCIS Corporation provided the following selected and incomplete data: Common stock (par $10); no changes in account during the year. Shares authorized, 350,000. Shares issued: (all shares were issued at $20 per share. Total cash collected: $2,200,000. Treasury stock: 6,000 shares (repurchased at $16 per share). The treasury stock was acquired after a stock split was announced. Net income, $212,160. Dividends declared and paid: $120,640. Retained earnings beginning balance: $705,000. Required: 1. Complete the following tabulation: Answer is complete and correct. Shares authorized 350,000 110,000 Shares issued Shares outstanding 104,000 6. Assume that the board of directors voted a 2-for-1 stock split. After the stock split, calculate the par value per share and the number of outstanding shares. X Answer is complete but not entirely correct. Par value per share 5 Shares outstanding 208,000 XStep by Step Solution
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