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ABC Corporations charter authorized 139,000 shares of common stock, par exist10. During the first year, 20,000 shares were sold an issued at exist18 per share:
ABC Corporations charter authorized 139,000 shares of common stock, par exist10. During the first year, 20,000 shares were sold an issued at exist18 per share: in addition, 600 shares were subscribed for at the same price. One half of the subscription price was collected during the year. At the end of the first year, reported net income was exist22,000 and cash dividends of exist6,000 were declared and paid. At year-end, liabilities amounted to exist25,000. On the last day of the year, 100 shares of stock were purchased from a disgruntled stockholder at exist21 per share (assume the cost method) a) Provide the following year end amounts i. Unissued capital stock ___ shares ii. Legal capital exist ___ iii. Treasury stock exist ___ iv. Contributed capital (total) exist ___
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