Answer:
The answer is d. 70,000
Explanation:
The common stock account has the balance of 37,500 while stated value of a common stock is $0.50 => Common stock issued is 37,500/0.5 = 75,000 shares.
The treasury stock account presents the balance of 5,000 common shares; which is the amount of common stocks hold by Walton Corporation through repurchase transaction which will decreased the number of stock outstanding.
Thus, the number of common shares outstanding = number of common shares issued - number of common shares in treasury stock account = 75,000 - 5,000 = 70,000 common shares.
Thus the answer is d. 70,000.
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