Reference no: EM131949702
A firm's balance sheets as of the December 31, 2015 and 2016 show the following items:
2015:
Cash = $9,916,500; Account Receivable = $9,000,000; Inventory = $4,500,000; Gross Fixed Assets = $10,972,000; Accumulated Depreciation = $1,243,000; Retained Earnings = $1,967,500; Capital Surplus = $8,600,000; Common Stock ($0.50 par) = $4,500,000; Notes Payable = $8,921,000; Long term debt = $2,500,000; Accounts Payable = $6,657,000.
2016:
Cash = $11,098,000; Account Receivable = $7,600,000; Inventory = $5,200,000; Gross Fixed Assets = $13,774,000; Accumulated Depreciation = $1,675,000; Retained Earnings = $1,967,500; Capital Surplus = $11,300,000; Common Stock ($0.50 par) = $4,800,000; Notes Payable = $7,773,000; Long term debt = $1,500,000; Accounts Payable = $6,132,000.
Calculate the total proceeds from sale of new shares in 2016.
a. $300,000
b. $2,700,000
c. $600,000
d. $3,000,000
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