. Rawlings Company has the following equity accounts at the beginning and end of Year Three:...

. Rawlings Company has the following equity accounts at the beginning 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 in Excess of Par, Common $12,000,000 $16,000,000 Retained Earnings $1,100,000 $1,800,000 The common stock account increased because 40,000 shares of common stock were issued to the public on September 1, Year Three. Preferred stock was paid its dividend during the year. A cash dividend was also distributed on the common stock. Net income for the year was $1,200,000. a. How much cash was received when the common stock was issued during Year Three? b. What was the total cash dividend paid on the common stock shares during the year? c. What was the company’s basic earnings per share for Year Three?

Expert Solution

ekkarill92 answered 2 years ago

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