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s2008m [1.1K]
3 years ago
7

The corporate charter of Llama Co. authorized the issuance of 10 million, $1 par common shares. During 2016, its first year of o

perations, Llama had the following transactions:January 1 sold 8 million shares at $15 per shareJune 3 purchased 2 million shares of treasury stock at $18 per shareDecember 28 sold the 2 million shares of treasury stock at $20 per shareWhat amount should Llama report as additional paid-in capital in its December 31, 2016, balance sheet?$122 million$116 million$112 million$74 million
Business
1 answer:
kotegsom [21]3 years ago
3 0

Answer:

$116 million

Explanation:

January 1                  8,000,000*(15-1)     =$112,000,000

December 28  Treasury stock sold    2,000,000*(20-18)=$4,000,000

Paid in Capital At December 31,2016                           $116,000,000

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