Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Clarist Inc. issued 20,000 shares of $3 par common stock at $14.10 per share at the start of the year. In the last month of

Clarist Inc. issued 20,000 shares of $3 par common stock at $14.10 per share at the start of the year. In the last month of the year, they bought back 100 common shares to use as holiday bonuses paying $22.30 per share for the repurchased shares. What is the balance in the paid in capital in excess of par account at year end? Respond rounded to whole dollars, without a dollar sign and without commas.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting

Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,

Volume 1, 2nd canadian Edition

176509739, 978-0176509736, 978-0176509743

Students also viewed these Accounting questions

Question

How does an applicant apply?

Answered: 1 week ago