The Shareholders' Equity Section of Maven Corporation's Balance Sheet as of December

question 89

Essay

The shareholders' equity section of Maven Corporation's balance sheet as of December 31, 2016 is as follows:
$\begin{array}{lr}\text { Common stock, } \$ 1 \text { par; authorized, } 6,000 \text { shares; } 2,000 \text { shares issued } & \$ 2,000 \\\text { Additional paid-in capital } & 60,000 \\\text { Retained earnings } & 58,000 \\\quad \text { Total shareholders' equity } & \$ 120,000\end{array}$
The following events occurred during 2017:
.February 1 - 400 shares of authorized and unissued common stock were sold for $4 per share.
.June 16 - A 15% stock dividend was declared and issued. Market value per share is currently $18.
.October 11 - A three-for-one split was carried out. Market value was $21 per share.
.November 4 - A cash dividend of $4.20 per share was declared, payable January 12 to shareholders of record on November 30.
How many shares of common stock are outstanding at December 31, 2017? Determine the balance in the common stock account at December 31, 2017.

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Definitions:

Quattrocento

Italian, “400”—that is, the 15th century (the 1400s) in Italy.

Frescoes

A method of mural painting executed upon freshly laid lime plaster, water is used as the vehicle for the dry-powder pigment to merge with the plaster, and with the setting of the plaster, the painting becomes an integral part of the wall.

Santa Maria Novella

A famous church in Florence, Italy, notable for its Gothic and Renaissance architectural elements and art.

Brunelleschi

Filippo Brunelleschi was an Italian designer and a key figure in architecture, recognized for developing the principles of linear perspective.