The balance sheet of Castle Corporation includes the

following stockholders #2381

The balance sheet of Castle Corporation includes the following stockholders’ equity
section:Common stock, $2 par, 80,000 shares authorized,60,000 shares issued and
outstanding ........... $120,000Additional paid-in capital—common stock ......... 371,800Total
capital stock .................. $491,800Retained earnings ................... 173,000Total equity
...................... $664,800Required:1. Assume that Castle issued 60,000 shares for cash at the
inception of the corporation and that no new shares have been issued since. Determine how
much cash was received for the shares issued at inception.2. Assume that Castle issued 30,000
shares for cash at the inception of the corporation and subsequently declared a 2-for-1 stock
split. Determine how much cash was received for the shares issued at inception.3. Assume that
Castle issued 57,000 shares for cash at the inception of the corporation and that the remaining
3,000 shares were issued as the result of stock dividends when the stock was selling for $53
per share. Determine how much cash was received for the shares issued at inception.View
Solution:
The balance sheet of Castle Corporation includes the following stockholders

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