Problem 16-1 The stockholders’ equity section of Blossom Inc. at
the beginning of the current year appears below. Common stock, $10
par value, authorized 911,000 shares, 309,000 shares issued and
outstanding $3,090,000 Paid-in capital in excess of par—common
stock 646,000 Retained earnings 604,000 During the current year,
the following transactions occurred. 1. The company issued to the
stockholders 102,000 rights. Ten rights are needed to buy one share
of stock at $35. The rights were void after 30 days. The...