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Item 7

Item 7

Time Remaining 46 minutes 30 seconds

00:46:30

On Dec 31, 20X2, the end of the year, Schubert Co. had the following stockholders equity. You have been given the ending balances for the year and asked to compute the balances as of the beginning of the year.

9% Preferred Stock, $40 par	$ 600,000
Common Stock, $8 par	$ 960,000
Addl PIC	$1,355,000
Retained Earnings	$1,255,000
Treasury Stock, 4,000 shares	$ - 80,000
Total Stockholders' Equity	$4,090,000

The following transactions occurred during the year:

May 1: 30,000 shares of common stock were issued for $18 per share.

Oct 1: 16,000 shares of treasury stock were acquired at $20 per share.

Nov 1: 12,000 shares of treasury stock were reissued at $23 per share

The preferred stock is cumulative and has a call price of $50 per share.

Net income for 20X2 was $400,000.

Total dividends of $44,000 have been declared and paid during 20X2.

Required:

Create a statement of stockholders' equity for Jan 1, 20X2, and place your answers below...

Compute Book Value per Share on Dec 31, 20X2

Compute Earnings per Share for Dec 31, 20X2

9% Preferred Stock	A
Common Stock	B
Add'l Paid In Capital	C
Retained Earnings	D
Treasury Stock	E
Total Stockholders' Equity	Total

1. A: $

2. B: $

3. C: $

4. D: $

5. E: $

Book Value per Share = $

EPS = $