Question
The stockholders equity section of Stellar Inc. at the beginning of the current year appears below. Common stock, $10 par value, authorized 1,043,000 shares, 321,000
The stockholders equity section of Stellar Inc. at the beginning of the current year appears below.
Common stock, $10 par value, authorized 1,043,000 shares, 321,000 shares issued and outstanding$3,210,000Paid-in capital in excess of parcommon stock562,000Retained earnings624,000
During the current year, the following transactions occurred:
1) The company issued to the stockholders 109,000 rights. Ten rights are needed to buy one share of stock at $30. The rights were void after 30 days. The market price of the stock at this time was $32 per share.
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