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QUESTION
Collins, Inc. reported the following in its owner's equity section of the balance sheet as of December 31, 2014:
Collins, Inc. reported the following in its owner's equity section of the balance sheet as of December 31, 2014:
Common Stock ($1 par, 120,000 shares issued, 110,000 shares outstanding) $120,000
Additional Paid-in Capital $450,000
Retained Earnings $360,000
Treasury Stock (10,000 shares) ($80,000)
Total Owner's Equity $850,000
How much did the common shares sell for (assume all sold at the same price)? How much is contributed capital at the balance sheet date? How much is book value per share at the balance sheet date?
