How many shares were authorized?
Number of shares authorized are 4,000,000
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How many shares were issued?
Number of shares issued are 2,080,000
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How many shares are outstanding?
Number of shares outstanding = Number of shares issued - Numberof shares repurchased
Number of shares outstanding = 2,080,000 - 80,000
Number of shares outstanding = 2,000,000
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What is the balance of the Common Stock account?
Balance of common stock = Number of shares issued * Parvalue
Balance of common stock = 2,080,000 * $1
Balance of common stock = $2,080,000
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What is the balance of the Treasury Stock account?
Balance of treasury stock = Number of shares repurchased * Priceper share
Balance of treasury stock = 80,000 * $25
Balance of treasury stock = $2,000,000
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2)
June 12: Issued 50,000 shares of $3 stated value common stock for cash of $250,000.
Cash; 250,000
Paid-In Capital in Excess of Par--Common Stock 50,000 x 3 = 150,000
Common Stock: 100,000
July 11: Issued 2,000 shares of $100 par value preferred stock for cash at $108 per share.
cash: 2000 x 108 = 216,000
preffered stock : 2,000 x 100 = 200,000
Paid-In Capital in Excess of Par--Preferred Stock : 16,000
Nov. 28: Purchased 2,000 shares of treasury stock for $10,000.
Treasury Stock 10,000
Cash 10,000
