Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An analysis of stockholders' equity of Hahn Corporation as of January 1, 2014, is as follows: Common stock, par value $20; authorized 100,000 shares; issued

An analysis of stockholders' equity of Hahn Corporation as of January 1, 2014, is as follows:

Common stock, par value $20; authorized 100,000 shares;

issued and outstanding 90,000 shares $1,800,000

Paid-in capital in excess of par 800,000

Retained earnings 760,000

Total $3,360,000

Hahn uses the cost method of accounting for treasury stock and during 2014 entered into the following transactions:

Acquired 2,500 shares of its stock for $75,000.

Sold 2,000 treasury shares at $35 per share.

Sold the remaining treasury shares at $20 per share.

Assuming no other equity transactions occurred during 2014, what should Hahn report at December 31, 2014, as total additional paid-in capital?

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

What do you find difficult in running a training session?

Answered: 1 week ago