GROUPWORK (Entries for Various Dilutive Securities)
The stockholders’ equity section of Martino Inc. at the beginning of the current year appears below.Common stock, $10 par value, authorized 1,000,000shares, 300,000 shares issued and outstanding $3,000,000Paid-in capital in excess of par—common stock 600,000Retained earnings 570,000During the current year, the following transactions occurred.1. The company issued to the stockholders 100,000 rights. Ten rights are needed to buy one share of stock at $32. The rights were void after 30 days. The market price...