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Jones Company is authorized to issue 20,000 shares of no-par, $5 stated-value common stock and 5,000 shares of 9%, 100 par preferred stock. It enters into the following transaction:

1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment

2. Collects the remaining balance of the subscription contract and issues the common stock

3. Acquires a building by paying $23,00 cash and issuing 2,,000 shares of common stock and 600 shares of preferred stock. Common stock is currently selling at $46 per share; preffed stock has no current market value. The building is appraised at $180,000

4. Sells 1,000 shares of common stock at $45 per share

5. Sells 900 shares of preferred stock at $112 per share

6. Declares a two-for-one stock split on the common stock, reducing the stated value to $2.50 per share

  • accounting -

    Raphael Corporation’s common stock is currently selling on a stock exchange at $85 per share, and its current balance sheet shows the following stockholders’ equity section:


    Preferred stock—5% cumulative, $___ par value, 1,000 shares
    authorized, issued, and outstanding $ 50,000
    Common stock—$___ par value, 4,000 shares authorized, issued,
    and outstanding 80,000
    Retained earnings 150,000

    Total stockholders' equity $ 280,000



    4.
    value:
    10.00 points

    Required:
    1. What is the current market value (price) of this corporation’s common stock?

  • accounting -

    10

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