Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A newly formed company sold stock for $ 5 4 5 , 0 0 0 . The share had a par value of $ 5

image text in transcribed
A newly formed company sold stock for $545,000. The share had a par value of $5 each. After the transaction, the Paid-In Capital in Excess of Par, Common Stock, account had a balance of $215,000. How many shares did the company sell?
a.62,000
b.152,000
c.43,000
d.109,000
e.66,000
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan

16th edition

134475585, 978-0134475998, 134475992, 978-0134475585

More Books

Students also viewed these Accounting questions

Question

=+c) Should Shawn purchase the long-range predictions?

Answered: 1 week ago