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Use the information for Salt Lake Corporation presented in exhibit 12-5 to compute the company's book value per common share. Your answer should be rounded
Use the information for Salt Lake Corporation presented in exhibit 12-5 to compute the company's book value per common share.
Your answer should be rounded to 2 decimal places and not include any dollar signs.
SALT LAKE CORPORATION STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2018
SALT LAKE CORPORATION STATEMENT OF STOCKHOLDERS' EQUITY FOR THE YEAR ENDED DECEMBER 31, 2018 5% Convertible Preferred Stock ($100 par value) Common Stock ($10 par value) Additional Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $400,000 $200,000 $300,000 $750,000 $ - - $1,650,000 (35,000) (35,000) 50,000 210,000 260,000 (100,000) 30,000 70,000 Balances, Dec. 31, 2017 Prior period adjustment (net of $15,000 taxes) Issued 5,000 common shares @ $52 Conversion of 1,000 preferred into 3,000 common shares Distributed 10% stock dividend (2,800 shares at $50; market price) Purchased 1,000 shares of common stock held in treasury at $47 a share Net income Cash dividends: Preferred ($5 a share) Common ($2 a share) Balances, Dec. 31, 2018 28,000 112,000 (140,000) (47,000) (47,000) 280,000 280,000 (15,000) (59,600) $780,400 (15,000) (59,600) $2,033,400 $300,000 $308,000 $692,000 $(47,000)Step by Step Solution
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