Percy Corporation was organized on January 1, 2010, with an authorization of 1,200,000 shares of common stock

Question:

Percy Corporation was organized on January 1, 2010, with an authorization of

1,200,000 shares of common stock with a par value of $6 per share. During 2010, the corporation had the following capital transactions:

January 5 issued 675,000 shares @ $10 per share

July 28 purchased 90,000 shares @ $11 per share

December 31 sold the 90,000 shares held in treasury @ $18 per share

Percy used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2010?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...