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What number of shares was issued

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Problem - Punyain Company acquired Sallsap Corporation on January 1, 20X1, through an exchange of common shares. All of Sallsap's assets and liabilities were immediately transferred to Punyain, which reported total par value of shares outstanding of $218,800 and $372,700 and additional paid-in capital of $371,000 and $695,900 immediately before and after the business combination, respectively.

Required -

a. Assuming that Punyain's common stock had a market value of $28 per share at the time of exchange, what number of shares was issued?

b. What is the par value per share of Punyain's common stock?

Reference no: EM132918934

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