Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders' equity during its first year of operations.

General Journal

Debit

Credit

a.

Cash

280,000

Common Stock, $25 Par Value

235,000

Paid-In Capital in Excess of Par Value, Common Stock

45,000

b.

Organization Expenses

160,000

Common Stock, $25 Par Value

126,000

Paid-In Capital in Excess of Par Value, Common Stock

34,000

c.

Cash

43,500

Accounts Receivable

15,500

Building

82,100

Notes Payable

59,600

Common Stock, $25 Par Value

51,500

Paid-In Capital in Excess of Par Value, Common Stock

30,000

d.

Cash

133,000

Common Stock, $25 Par Value

77,000

Paid-In Capital in Excess of Par Value, Common Stock

56,000

Required:

2.

How many shares of common stock are outstanding at year-end?

Number of outstanding shares

3.

What is the amount of minimum legal capital (based on par value) at year-end?

Minimum legal capital

4.

What is the total paid-in capital at year-end?

Total paid-in capital

5.

What is the book value per share of the common stock at year-end if total paid-in capital plus retained earnings equals $792,000?

Book Value per Common Share

Choose Numerator:

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Choose Denominator:

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Book Value per Common Share

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Book value per common share

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