Compute the cash received from the sale of the shares

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Reference no: EM132671443

Problem - Mississauga Mining Co. made a net income of $25 million in 2007, after the deduction of amortization expense of $8 million, interest of $5 million and taxes of $10 million. During 2007, it issued new shares for $15 million and used the proceeds to repay loans of $10 million; the remainder went into the bank's current account. The retained earnings brought forward at the start of 2007 were $60 million. There were 125,000 common shares in issue at the end of 2007. Compute the cash received from the sale of the shares?

Reference no: EM132671443

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