Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company started business in 2015 by issuing 188000 shares of $20 par common stock for $27 each. In 2020, 24800 of these shares were

image text in transcribed

Oriole Company started business in 2015 by issuing 188000 shares of $20 par common stock for $27 each. In 2020, 24800 of these shares were purchased for $39 per share by Oriole Company and held as treasury stock. On June 15, 2021, these 24800 shares were exchanged for a piece of property that had an assessed value of $757000. Oriole's stock is actively traded and had a market price of $45 on June 15, 2021. The cost method is used to account for treasury stock. The amount of paid-in capital from treasury stock transactions resulting from the above events would be O $148800. O $747000. 0 $213800. O $448800

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

Accountability Of Local Authorities In England And Wales, 1831-1935 Volume 1

Authors: Hugh Coombs, J. R. Edwards

1st Edition

1138965758, 9781138965751

More Books

Students also viewed these Accounting questions

Question

8. What is an inventory system?

Answered: 1 week ago