sage financial systems inc has the following common stock 6 000 000 shares 2 par val 4373882

Sage Financial Systems, Inc., has the following: Common stock, 6,000,000 shares, $2 par value ……$ 12,000,000 Paid-in capital in excess of par ………….. 42,000,000 Total paid-in capital ……………… 54,000,000 Retained earnings ……………… 10,000,000 Stockholders’ equity ……………. $ 64,000,000 Overall market value of stock @ assumed market price of $28 per share ……………… $168,000,000 Book value per share = $64,000,000 ÷ 6,000,000 = $10.67 The company used cash to reacquire and retire 300,000 shares for $28 each. Prepare the stockholders’ equity section before and after this retirement of shares. Also prepare the journal entry.View Solution:
Sage Financial Systems Inc has the following Common stock 6 000 000

Related Articles

armstrong helmet company 239138

Armstrong Helmet Company manufactures a unique model of bicycle helmet Question Case project Learning Objectives: Prepare practical applications of course concepts Develop analytical and critical thinking Develop decision-making capabilities Enhance professional...

read more
GET A FREE QUOTE





  
Open chat
Need help? We are Online 24/7
Hello 👋
Can we help you?