The corporate charter of Alpaca Co. authorized the issuance of 10 million, $1 par common shares. During 2016, its first year of operations, Alpaca had the following transactions: January 1 sold 8 million shares at $15 per share June 3 retired 2 million shares at $18 per share December 28 sold the 2 million shares at $20 per share What amount should Alpaca report as additional paid-in capital excess of par, in its December 31, 2016, balance sheet? a. $122 million b. $116 million c. $112 million d. $ 74 million

Answer: a

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