On June 30, 2021, when Ansley Co.’s stock was selling at $65 per share, its Shareholders’ Equity accounts were as follows:Common Stock at Par ($50 par, 60,000 shares issued)$3,000,000Additional Paid-in Capital – Common Stock$600,000Retained Earnings$4,200,000After distributing a 100% stock dividend, what should the balance for the Common Stock at Par account be?
Read DetailsChaney Corp had 1,500,000 shares of $1 par common stock outstanding for the year. The company reported a net income of $1,000,000. Additionally, the company had 300,000 employee stock options outstanding throughout the year. Each stock option entitles the holder to acquire one share of the company’s common stock for $20. The average market price of the company’s common shares was $150. What is the denominator used in calculating diluted earnings per share for Chaney Corp in that year?
Read DetailsOn January 1, 2020, Maple Corp. issued 1,000 8%, 10-year convertible bonds. Each bond has a face value of $1,000 and is convertible into two shares of common stock, each with a par value of $1. Assume the bonds were sold at 97, and the stock’s fair value is $3. What amount should Maple Corp. credit to Paid-in Capital—Common Stock when issuing these convertible bonds?
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