Problem
Gemini Corporation has the following account balances on December 31, 2021.
Common stock, $1 par value $510,000
Treasury stock (Dr.) 95,000
Retained earnings 2,340,000
Paid-in capital in excess of par-common stock 1,230,000
Accumulated Other Comprehensive Income (Dr.) 100,000
All shares of treasury stock were purchased for $10 per share. Answer the following questions. Make sure
to show your calculations above each question. No credit will be assigned if calculations are not shown.
A. How many shares of common stock were issued as of 12/31/2021?
B. How many shares of common stock were outstanding on 12/31/2021?
C. What was the average market price per share of common stock on issuance date?
D. What is the total shareholders' equity?