Recording and Analyzing Stockholders' Equity Transactions

Haywood Corporation is a publicly owned company whose shares are traded on a national stock exchange. On January $1,$ Haywood had $50,000,000$ shares of $$10$ par value common stock authorized, of which $30,000,000$ shares were issued and $28,000,000$ shares were outstanding. The stockholders$$ equity accounts at January $1,$ had the following beginning balances.

Common stock $$300,000,000$

Paid$-$in capital in excess of par $160,000,000$

Retained earnings $100,000,000$

Treasury stock $($at cost$)(36,000,000)$

During the year, Haywood had the following transactions.

Feb. $1$ Another issuance of $4,000,000$ shares of $$10$ par value common stock was completed. The stock was sold to the public at $$40$ per share.

Mar. $1$ Haywood reacquired $40,000$ shares of its common stock for $$40\mathrm{.}70$ per share.

Mar. $31$ Haywood declared a semiannual cash dividend on common stock of $$0\mathrm{.}22$ per share, payable on April $30$ to stockholders of record on April $10.$

Apr. $15$ When the option price of outstanding stock options was $$44$ each and the market price of the common stock was $$48$ per share, $60,000$ stock options were exercised. The fair value of the options at the date of grant was determined to be $$1$ per option. Haywood issued new shares to settle the transaction.

Apr. $30$ Employees purchased $200,000$ shares under a noncompensatory stock purchase plan at a $5\%$ discount. The shares were trading at $$44$ per share at the date of purchase. Haywood issued new shares to settle the transaction.

May $31$ When the market price of the common stock was $$51$ per share, Haywood declared a $5\%$ stock dividend distributable on July $1$ to stockholders of record on June $1.$ Immediately after issuance of the dividend shares, the market price of the common stock was $$44.$

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