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Thousand Islands Resorts has 1,750,000 shares of authorized common stock, each having a $1 par value. Over the years, it has issued 1,532,000 shares, but
Thousand Islands Resorts has 1,750,000 shares of authorized common stock, each having a $1 par value. Over the years, it has issued 1,532,000 shares, but currently 63,000 are held as treasury stock. The additional paid-in capital of the company is presently $5,314,000.
- How many shares are now outstanding?
- If the company were able to sell stock at $19 per share, what is the maximum amount it could raise under its existing authorization, including treasury shares?
- What would be its common stock and additional paid-in capital accounts after the financing?
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