Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock.

FAME Corporation is authorized to issue 1,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 5 par value preferred Stock. During 2019, the company has the following stock transactions.

Entry 1 Issued 400,000 common shares of stock at $3 cash per share.

Entry 2 Issued 30,000 preferred shares to purchase a land advertised for sale at $ 300,000. On this day, the preferred stock had a market price of $ 9 per share.

Entry 3 Purchased 10,000 of its common shares from the market for the treasury, when the market price per common share was $ 4.

Entry 4 Sold 2,000 shares of its treasury stock for $ 6 per share.

Question: The number of issued common shares is........................

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

The Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up

Authors: J.P. Russell

2nd Edition

1636941303, 978-1636941301

More Books

Students also viewed these Accounting questions