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Percy Corporation was organized on January 1, 2010, with an authorization of 1,200,000 shares of common stock with a par value of $6 per share.
Percy Corporation was organized on January 1, 2010, with an authorization of 1,200,000 shares of common stock with a par value of $6 per share. During 2010, the corporation had the following capital transactions: January 5 issued 675,000 shares @ $10 per share July 28 purchased 90,000 shares @ $11 per share December 31 sold the 90,000 shares held in treasury @ $18 per share Percy used the cost method to record the purchase and resistance of the treasury shares. What is the total amount of additional paid-in capital as of December 31, 2010? A) 0 B) 2,070,000 C) 2,700,000 D) 3,330,000
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