Preparing the stockholders’ equity section of the balance sheet

Mountainview Corporation reported the following accounts:

Cost of goods sold

$ 60,500

Accounts payable

$ 6,500

Paid-in capital in excess of par

90,000

Retained earnings

18,000

Common stock, $ 3 par value,

Unearned revenue

5,300

60,000 shares issued

180,000

Total assets

?

Cash

22,500

Long-term note payable

7,700

Requirements

1.Prepare the stockholders’ equity section of Mountainview’s balance sheet.

2.What was the average selling price of each common share?