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The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 830 million
The 2016 annual report for Mega Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 830 million shares had been issued and the number of shares in treasury stock was 115 million. During 2016, the only common share transactions were that 19 million common shares were relssued from treasury and 34 million common shares were purchased and held as treasury stock. Required: Determine the number of common shares (a) Issued, (b) in treasury, and (9) outstanding at the end of 2016. (Enter your answers in millions.) Number of Common Shares (in millions) (a) 00 Issued Stock Treasury Stock Shares Outstanding Required Information [The following information applies to the questions displayed below.) Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 7,000 shares of common stock for cash at $30 per share. b. Issued 3,000 shares of common stock for cash at $33 per share. 2. Prepare the journal entry required for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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