P8-7A. Analyze equity section of balance sheet. (LO 1, 2, 5)
At December 31,2006, Plasma Company reported the following on its comparative balance sheet (amounts in thousands).
| December 31, 2006 | December 31, 2005 | |
| Common stock | ||
| Authorized: 1,200 shares | ||
| Issued: 950 shares at 2006 | $ 475 | |
| 900 shares at 2005 | $ 450 | |
| Paid-in capital in excess of par | 19,000 | 17,550 |
| Retained earnings | 45,500 | 31,300 |
Required
a. What is the par value of the company’s common stock?
b. Did the company issue any new shares during the fiscal year ended December 31, 2006?
c. What was the approximate (average) issue price of the stock issued during the year?
d. Did Plasma Company earn net income (loss) during the year? Assuming no dividends were paid, how much was net income (loss)?
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