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ACC 206 Week 2 Chapter 2 Exercise 3 Analysis of stockholders' equity

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Chapter 2 Exercise 3: Analysis of stockholders' equity 
Star Corporation issued both common and preferred stock during 19X6. The stockholders' equity sections of the company's balance sheets at the end of 19X6 and 19X5 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 
 
  1. a.       Compute the number of preferred shares that were issued during 20X6. 
  2. b.      Calculate the average issue price of the common stock sold in 20X6. 
  3. c.       By what amount did the company's paid-in capital increase during 20X6? 
Did Star's total legal capital increase or decrease during 20X6? By what amount?

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