1. What is the par value of the common stock? If all shares were issued (sold) upon start up with no other stock transactions since then, what did the shares initially sell for? (Show calculations; round to the nearest cent)

1. Par value=

2. Initial selling price=

Final Project Final Project ACME Company Statement of Shareholders' Equity For the Year Ended December 31, 2016 and 2015 ACME Company Balance Sheet At December 31, 2016 2015 ASSETS: Common Additional Retained Paid-in Capital $1,260,000 Stock $500,000 Cash $48,000 214,000 (15,000) 635,000 36,000 $44,000 183,000 (24,000) 445,000 Earnings $775,000 Total December 31, 2014 balance Net income $2,535,000 Accounts Receivable Less: Allowance for doubtful accounts 321,000 321,000 Cash dividends Inventory Prepaid expenses Total current assets (60,000) $1,036,000 (60,000) $2,796,000 31,260,000 December 31, 2015 balance 3500.000 59,000 918,000 707,000 Net income 228,000 228.000 450,000 2,400,000 370,000 2,320,000 (240,000) 2,450,000 (50,000) $1.214.0000 Cash dividends (50,000) 32.974.0000 Land Buildings and machinery Less: Accumulated depreciation Total property, plant and equipment December 31, 2016 balance (285,000) 2,565,000 181,000 ACME Company Patents, net of amortization 148.000 Income Statement Total assets 53.3KI3.00 For the Year Ended December 31, 2016 2015 $2.220,000 1.260.000 LIABILITIES AND SHAREHOLDERS' EQUITY: $2,500,000 1,350,000 1,150,000 Sales Accounts payable Other accrued liabilities $36,000 21,000 57,000 $22,000 30,000 52,000 Cost of goods sold Gross profit 960,000 Total current liabilities Selling and administrative expenses Bad debt expense Depreciation expense Operating income 535,000 13,000 45,000 557,000 520,000 11,000 Long-term debt Total liabilities 490,000 542,000 600,000 657,000 35.000 394,000 Common stock (250,000 shares issued & outstanding-all years) Additional paid-in capital Retained earnings Total shareholders' equity 500,000 1,260,000 500,000 1,260,000 1,036,000 Interest expense (75,000) (156,000) 326,000 98,000 $228.000 (84,000) 149,000 459.000 1,214,000 2,974,000 Other gains (losses) Net income before taxes 2.796.000 138.000 $321.000 Income tax expense Net income 53.631.000 Total liabilities and shareholders' equity ACME Company Statement of Cash Flows (abbreviated) For the Year Ended December 31, 2016 $54,000 2015 532.000 Net cash from operating activities Net cash used by investing activities Net cash from financing activities Increase in cash Beginning cash balance Ending cash balance (160,000) 110,000 4.000 (75,000) 80,000 37.000 44,000 7,000 $44.000 548.000 1