Skyhawk Corporation’ charter authorized the following capital stock: Preferred stock: 8 percent, par $11, authorized 10,000...

Skyhawk Corporation’ charter authorized the following capital stock:

Preferred stock: 8 percent, par $11, authorized 10,000 shares.

Common stock: par $2.4, authorized 50,000 shares.

Since inception, Skyhawk sold 8,993 shares of the common stock at $9.9per share and 1,385 shares of the preferred stock at $17.

On the statement of stockholders' equity, Common Stock would be reported as $_____

Solutions

Expert Solution

--Common Stock would be reported at the value of par of common shares issued.

--Common shares issued = 8993 shares

--Par value per share of common stock = $ 2.4 par

--Answer: On Statement of Stockholder's Equity, Common Stock would be reported as $ 21,583.20 [8993 shares x $ 2.4]

ekkarill92 answered 2 years ago

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