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Star corporation issued both common and preferred stock

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Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:                                               


   

20X6

  		   

20X5

  
  

Preferred stock, $100 par value, 10%

  		   

$580,000

  		   

$500,000

  
  

Common stock, $10 par value

  		   

2,350,000

  		   

1,750,000

  



  

Paid-in capital in excess of par value

  


Preferred

  		   

24,000

  		   

-

  
  

Common

  		   

4,620,000

  		   

3,600,000

  
  

Retained earnings

  		   

8,470,000

  		   

6,920,000

  
  

Total stockholders' equity

  		   

$16,044,000

  		   

$12,770,000

  

a.Compute the number of preferred shares that were issued during 20X6.

b.Calculate the average issue price of the common stock sold in 20X6.

c.By what amount did the company's paid-in capital increase during 20X6?

d.Did Star's total legal capital increase or decrease during 20X6? By what amount?

Reference no: EM13586077

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