Question
On June 30, Year 1, Mango, Inc. showed the following data on the equity section of their balance sheet: Stockholders' Equity Common Stock, $1 par;
On June 30, Year 1, Mango, Inc. showed the following data on the equity section of their balance sheet:
| Stockholders' Equity | |
| Common Stock, $1 par; 196,000 shares authorized, 160,000 shares issued and outstanding | $160,000 |
| Paid-In Capital in Excess of ParCommon | $265,000 |
| Retained Earnings | 956,000 |
| Total Stockholder's Equity | $1,381,000 |
On July 1, Year 1, the company declared and distributed a 9% stock dividend. The market value of the stock at that time was $22 per share. Following this transaction, what is the balance of Paid-In Capital in Excess of ParCommon?
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
10th Canadian edition
1259261018, 1259261015, 978-1259024979
