Need help with this problem please Laferty Wholesale Inc rep

Need help with this problem please:

Laferty Wholesale, Inc., reported the following statement of stockholders\' equity for the year ended September 30, 2016 (Click the icon to view the statement of stockholders\' equity.) Read the requirements Requirement 1. What is the par value of the company\'s common stock? The par value of the company\'s common stock is $ Data Table Laferty Wholesale, Inc. Statement of Stockholders\' Equity Year Ended September 30, 2016 Total Additional paid-in capital Commorn Retained Treasury Stockholders stock earnings stock Equity Balance, September 30, 2015 Net income Cash dividends Issuance of stock (3,500 shares) Stock dividend Sale of treasury stock Balance, September 30, 2016 878,000 521,000 (112,000) 24,500 $ 175,000 420,000 302,000 (19,000) $ 521,000 (112,000) 7,000 17,500 20,000 51,000(71,000) 9,000 10,000 19,000 $ 202,000 $ 497,500 S 640,000 (9,000) $ 1,330,500 Print Done

Solution

We can find the Par value of common stock from issuance of 3,500 stock for par value of $7,000

Par value of company\'s common stock = Total par value ÷ Common stock issued = 7,000÷3,500 = $2 per stock