Question
of its $5 par value common stock for $12,500,000. At the end of the year it paid $200,000 in cash dividends. In midyear, the firm
- of its $5 par value common stock for $12,500,000. At the end of the year it paid $200,000 in cash dividends. In midyear, the firm bought back some of its own shares. The company reports the following additional information at December 31:
| Net income | $2,000,000 |
| Retained earnings beginning of year | $0 |
| Common shares authorized | 5,000,000 |
| Shares outstanding at year end | 450,000 |
How much is the Additional Paid-in Capital account at the end of the year?
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Financial and Managerial Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
11th Edition
9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895
