Calculate the par value per share and number of shares

Question

Accounting for Stock Dividends and Stock Splits

The Irvine Corporation reported the following data at year-end:

Common stock, par value $1	$100,000
Additional paid-in-capital	300,000
Retained earnings	1,400,000
Treasury shares	(600,000)
Other comprehensive income	200,000
Total shareholders' equity	$1,400,000

The following transactions occurred during the year in the following sequence:

1. Declared and distributed a 10% stock dividend on the outstanding common shares at a time when the common shares were selling for $15 per share.
2. Declared a 3-for-2 forward stock split on the outstanding common shares.
3. Declared and issued a 20% stock dividend on the outstanding common shares at a time when the shares were selling for $30 per share.
4. Declared a 2-for-1 forward stock split on the outstanding common shares.

Calculate the par value per share and number of shares outstanding at year-end. Prepare the shareholders' equity section of the balance sheet for the Irvine Corporation at year-end.