NYR Company began business on January 1, and immediately issued 500,000 shares of its $5 par value common stock for $12,500,000. At the end of the year it paid $200,000 in cash dividends. In midyear, the firm bought back some of its own shares. The company reports the following additional information at December 31, :
Net income
$2,000,000
Retained earnings beginning of year
$0
Common shares authorized
5,000,000
Shares outstanding at year end
450,000
A ) What was the original issuance price per share of the common stock?
B) Determine the retained earnings amount at the end of the year.
C) How many shares of stock are in the treasury at the end of the year? Note that the answer to this question should not be shown in dollars.