Question
An analysis of stockholders' equity of Bonita Industries as of January 1, 2021, is as follows: Common stock, par value $20; authorized 100,000 shares; issued
An analysis of stockholders' equity of Bonita Industries as of January 1, 2021, is as follows:
Common stock, par value $20; authorized 100,000 shares; |
| |
issued and outstanding 94000 shares | $1880000 | |
Paid-in capital in excess of par | 940000 | |
Retained earnings | 753000 | |
Total | $3573000 |
Bonita uses the cost method of accounting for treasury stock and during 2021 entered into the following transactions: Acquired 2530 shares of its stock for $75900. Sold 1820 treasury shares at $34 per share. Sold the remaining treasury shares at $22 per share. Assuming no other equity transactions occurred during 2021, what should Bonita report at December 31, 2021, as total additional paid-in capital? Hint: Round intermediate calculations to 0 decimal places, e.g. 5,275.
A. $940000
B. $952960
C. $941600
D. $934320
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