rawlings company has the following equity accounts at thebeginning and end of year 3722307

February 12, 2021/in Business Homework Help Online /by Joseph

. Rawlings Company has the following equity accounts at thebeginning and end of Year Three: January 1, Year Three December 31,Year Three Preferred Stock, 6%, $100 par value $2,000,000$2,000,000 Common Stock, $1 Par Value $160,000 $200,000 Capital inExcess of Par, Common $12,000,000 $16,000,000 Retained Earnings$1,100,000 $1,800,000 The common stock account increased because40,000 shares of common stock were issued to the public onSeptember 1, Year Three. Preferred stock was paid its dividendduring the year. A cash dividend was also distributed on the commonstock. Net income for the year was $1,200,000. a. How much cash wasreceived when the common stock was issued during Year Three? b.What was the total cash dividend paid on the common stock sharesduring the year? c. What was the company’s basic earnings per sharefor Year Three?

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