Reference no: EM132479800

Question 1 - The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted. All balances are normal.

Account Amount

Common Stock, $10 par $260,000

Treasury Stock, at cost $16 per share 32,000

Dividends Payable 13,000

Paid in Capital in excess of par, Common Stock 52,000

Accounts Receivable 24,500

Retained Earnings 217,000

Bonds Payable 150,000

Preferred Stock, $100 par, 4% cumulative 100,000

Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.

Question 2 - At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $2,800,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,850,000 of $10 par value common stock and Preferred Stock account of $150,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $101. Use this information to determine the book value per share of Common Stock as of end of the FY 2018: (Round your answer to the nearest penny.)