This exercise will review the meaning of some important terminology related to the area of stockholders” equity.

A corporation”s common stock may have a par value or it may be a no-par stock. A no-par stock may or may not have a stated value.

The five different situations described below are examples of the various ways stockholders” equity may be structured:

Zollo Corporation has 100,000 authorized shares of $10 par value common stock. 60,000 shares were issued at an average price of $33 each. The balance of retained earnings at December 31, 2014 is $630,000.
Oiler Corporation has 50,000 authorized shares of no-par common stock. The stock has a stated value of $1 per share. 10,000 shares were issued at an average price of $25 each. The balance of retained earnings at December 31, 2014 is $140,000.
Kelly Corporation has 100,000 authorized shares of no-par common stock with no stated value. All of the 40,000 issued shares were sold for $24 each. The balance of retained earnings at December 31, 2014 is $300,000.
Scotty Corporation has 100,000 authorized shares of $40 par common stock. 70,000 shares were issued at an average price of $68. 6,000 of these shares were reacquired and are currently held in the treasury; they were purchased for $60 each. The balance of retained earnings at December 31, 2014 is $1,500,000.
Grennan Corporation has 200,000 authorized shares of $10 par common stock and 100,000 authorized shares of $100 par preferred stock. Over the years, 150,000 shares of common were issued at an average price of $40 per share and 50,000 shares of preferred were issued at average price of $102. There are 2,000 shares of treasury—common which were acquired at $30 per share. The balance of retained earnings at December 31, 2014 is $2,515,000.
Instructions

Assume it is December 31, 2014. For each of the independent situations above, determine the following:

(a) Total paid-in capital.

(b) Total stockholders” equity.

(c) Number of common stock shares outstanding.