Question
Consider a company issuing 10,000 shares of common stock. The shares are sold at a price of $23 per share with par value of $3
Consider a company issuing 10,000 shares of common stock. The shares are sold at a price of $23 per share with par value of $3 per share. Below is an excerpt from the equity section of their balance sheet before the issue:
| Common Stock | $ 150,000 |
| APIC | $ 320,000 |
| Treasury Stock | $ (12,000) |
| Retained Earnings | $ 520,000 |
| Total SE | $ 978,000 |
Based on this information, what will be the new balance of their Additional Paid-In Capital Account (APIC)?
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
