1.

The charter of a corporation provides for the issuance of 115,000 shares of common stock. Assume that 59,000 shares were originally issued and 6,800 were subsequently reacquired. What is the number of shares outstanding?

a.65,800

b.6,800

c.52,200

d.59,000

2.

Nebraska Inc. issues 3,300 shares of common stock for $105,600. The stock has a stated value of $11 per share. The entry to journalize the stock issuance would include a credit to Common Stock for

a.$36,300

b.$69,300

c.$105,600

d.$3,300

3.

The charter of a corporation provides for the issuance of 132,000 shares of common stock. Assume that 70,000 shares were originally issued and 11,500 were subsequently reacquired. What is the number of shares outstanding?

a.132,000

b.58,500

c.70,000

d.11,500