Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

FAME Corporation is authorized to issue 2,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 10 par value preferred Stock.

FAME Corporation is authorized to issue 2,000,000 shares of $1 par value common stock, and 200,000 shares of 10%, $ 10 par value preferred Stock. During 2019, the company has the following stock transactions.

Entry 1 Issued 620,000 common shares of stock at $2 cash per share.

Entry 2 Issued 40,000 preferred shares to purchase a land advertised for sale at $ 500,000. On this day, the preferred stock had a market price of $ 12 per share.

Entry 3 Purchased 60,000 of its common shares from the market for the treasury, when the market price per common share was $ 3.

Entry 4 Sold 20,000 shares of its treasury stock for $ 5 per share.

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

NOTE: (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $10,000, write it as 10000)

I want the answer as soon as possible thx you

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

Auditing A Risk Based Approach

Authors: Karla M Johnstone-Zehms, Audrey A. Gramling, Larry E. Rittenberg

12th Edition

035772187X, 978-0357721872

More Books

Students also viewed these Accounting questions

Question

2. What does it mean to say that happiness is heritable?

Answered: 1 week ago

Question

1. Discuss the main incentives for individual employees.pg 87

Answered: 1 week ago